Justin Biever’s NFT Portfolio Lost Over 94% of Its Value, Gong from $2 Million to $100,000

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Justin Bieber, the pop star, invested over $2 million in non-fungible tokens (NFTs) back in 2022. However, his NFT holdings are now worth barely over $100,000 due to a market correction that caused values to plummet by up to 94.7%. According to data from Arkham Intelligence, Bieber bought two NFTs each from the Bored Apes Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC) collections for $1.86 million. He also purchased other digital collectibles, like a World of Women NFT, two Doodles NFTs, an Otherdeed NFT, and a Metacard NFT, which have all suffered significant losses. His wallet still holds one BAYC NFT and one MAYC NFT worth around $47,000 and nearly $500,000 in Ethereum (ETH) and ApeCoin (APE).

As a researcher studying the digital art market, I’ve observed that pop sensation Justin Bieber made a significant investment in non-fungible tokens (NFTs) back in 2022, pouring in over $2 million. However, the value of his NFT collection has seen a drastic decrease, now worth barely over $100,000 – a staggering 94.7% reduction.

Based on information from Arkham Intelligence, a leading firm in on-chain cryptocurrency analysis, it’s been revealed that Bieber received approximately $2.34 million in Ethereum ($ETH), the second largest digital currency by market cap, and subsequently invested this amount in purchasing 2 NFTs each from renowned collections – Bored Apes Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC. The total cost for these Non-Fungible Tokens came out to be around $1.86 million.

Bieber’s NFT holdings went beyond just apes. His initial purchase consisted of various digital collectibles, such as a World of Women NFT, two Doodles NFTs, an Otherdeed NFT, and a Metacard NFT. Unfortunately, the worth of these extra assets has significantly dropped, with reported losses ranging between 89.7% and 97.4%.

I’ve analyzed the data, and it appears that my initial assessment was correct. The wallet in question currently contains one BAYC NFT and one MAYC NFT, valued at approximately $47,000. Contrastingly, Justin Bieber’s wallet holds a substantial amount of over $500,000 in Ethereum (ETH) and ApeCoin (APE).

Justin Bieber NFT Purchases: Down 94.7%Did you know that Justin Bieber bought more than $2M of NFTs during 2022 – now worth barely over $100K.His wallet on Arkham now holds just under $500K in ETH and APE.Details below: — Arkham (@ArkhamIntel) April 24, 2024

In the past few months, the NFT market as a whole has experienced a major downturn, causing significant declines in values and directly affecting Justin Bieber’s collection, even though his acquisitions were once highly valued blue-chip NFTs within the digital assets sector.

As a researcher, I’d like to point out that a non-fungible token signifies a unique digital asset produced via the process of tokenization. This transformation converts delicate information, such as your credit card details, into an unchangeable sequence of cryptographic data – essentially, a distinct string of numbers and letters linked to the initial data.

According to a report from CryptoGlobe, those looking to invest in Ethereum through exchange-traded funds (ETFs) might have to be patient for longer than initially expected. However, despite this setback, Standard Chartered maintains its optimistic stance towards the cryptocurrency market.

As a researcher studying the developments in the cryptocurrency market, I’ve noticed that the bank has adjusted its earlier projection for the U.S. authorization of Ether exchange-traded funds (ETFs), which was initially anticipated in May. However, prediction markets such as Polymarket suggest that there is only a 14% likelihood of this approval occurring by the end of next month. This comes as a surprise considering the SEC’s approval of spot Bitcoin ETFs back in January this year.

Significant investors in cryptocurrencies have been buying up large amounts of it recently, increasing their holdings by approximately $500 million.

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2024-04-28 04:09