Sometimes it’s best to leave investing to the experts as a certain Canadian pop star has proven why it’s a tricky business.
When buying any NFT, taking a loss is all part of the gamble and also the thrill. But what happens when you take such a loss it could mean that you need to create a Christmas album for the next decade just to make it back?
Well that’s what has happened with Justin Bieber’s Bored Ape, which he bought for $1.3 million last year.
Business Insider reported that in January of 2022 that the singer bought his first Bored Ape Yacht Club NFT for an obscene 500 Ethereum, which is the equivalent to $1.3 million.
As NFTs were gaining popularity, everyone who was anyone was trying to get their hands on the non-fungible tokens so that they could try to get rich through smart investments.
But it wasn’t just for peasants like us who are trying to make a quick dollar. There were notable celebrities joining the game like Snoop Dogg, Logan Paul, Shaquille O’Neal, Post Malone, to name a few.
Bieber’s Bored Ape Yacht Club NFT made a dramatic drop in value in the backend of 2022 where it plummeted to $67,340.
The bad investment quickly caught the attention of the public and many a meme was created about Bieber losing his money on his first try at the Bored Ape NFT.
If this wasn’t bad enough for the ‘Baby’ hit-maker, recent reports now show that the value has plunged even more and it’s simply embarrassing to say the least.
As of today, his Bored Ape Yacht Club (BAYC) NFT is only worth $59,090.
Having owned the NFT for nearly a year and a half, the price drop is almost unfathomable.
At the time of purchase, he had spent an enormous amount on a digital art piece that had been popular. However, fast forward to now, and the asset has all but lost its value.
Because of the hype surrounding digital art, perhaps this is the reason that led the singer to making such a reckless spending choice. With almost all of his $1.3 million down the drain, was it even worth it in the end?
Do you think he’ll be in the NFT game for much longer or should he hold out and hope that the value picks back up?
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