- Justin Bieber invested about $1.3 million into the Bored Ape Yacht Club (BAYC) NFT.
- There are speculations that Justin Bieber was gifted the NFT by MoonPay as a promotional tactic.
- The investment has however depreciated to $59,000.
Dexerto revealed in a tweet that global pop superstar Justin Bieber’s $1.3 million investment in BAYC NFT had depreciated to $59,000; meaning he has lost about $1.2 million.
Celebrity endorsements and investments have risen sharply since the introduction of non-fungible tokens (NFTs). These blockchain-based, one-of-a-kind digital assets have given celebrities new ways to interact with their fan bases, monetize their brands, and explore the fascinating world of cryptocurrencies.
However, the NFT market is infamously unpredictable and volatile, leading to frequent sharp fluctuations in price. Unfortunately for Bieber, this instability led to the loss of his Bored Ape Yacht Club (BAYC) NFT investment. Although a sharp decline in value is unquestionably a serious financial blow, it is crucial to take the bigger picture into account.
Justin Bieber’s forays into NFTs
The $1.2 million loss from his NFT investment, while significant, is probably manageable for Justin Bieber, whose estimated net worth was $285 million as of September 2021. The “Peaches” artist has diversified his sources of income, reducing the impact of the NFT’s decline through music, merchandising, and endorsements.
There are also speculations that the BAYC NFT was a reward from MoonPay as a promotional tactic.
Justin Bieber was gifted that NFT by the company MoonPay as a promotional tactic so they could use his clout to pump the value of their scam while they dumped their NFTs on retail (you reading this) as you bought.
— Autism Capital 🧩 (@AutismCapital) July 3, 2023
Many famous people have adopted the NFT culture, however, not everyone has been successful. Some people have made these investments as part of a bigger marketing strategy rather than to earn rewards. Celebrities get exposure and audience interaction by affiliating with the forward-thinking digital movement by purchasing NFTs. Some like Snoop Dogg and Wiz Khalifa have gone ahead to launch ApeCoin-themed Music NFTs.
However, not all NFT endeavours are unsuccessful. Some celebrities have gotten rich by selling NFTs for astronomical prices. It’s a game with a high chance of a high payoff.
The post Justin Bieber’s $1.3M NFT investment depreciates by more than 95% appeared first on CoinJournal.
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