The crypto community was shocked to learn that pop superstar Justin Bieber had invested more than $2 million in non-fungible tokens (NFTs) in 2022, only to see the value of his holdings plummet by a staggering 94.7%. Arkham Intelligence, a leading on-chain cryptocurrency analysis firm, revealed that Bieber’s cryptocurrency wallet received over $2.34 million in Ethereum (ETH) and used it to purchase NFTs from the Bored Apes Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC) collections.
In addition to ape-themed NFTs, Bieber’s portfolio included a variety of digital collectibles like World of Women NFTs, Doodles NFTs, Otherdeed NFTs, and a Metacard NFT. Unfortunately, the value of these assets also experienced significant losses ranging from 89.7% to 97.4%. Currently, Bieber’s wallet still holds one BAYC NFT and one MAYC NFT, valued at around $47,000. Despite the losses, his wallet retains nearly $500,000 in both ETH and APE.
The downturn in the NFT market has impacted many investors, including Bieber, whose blue-chip NFT purchases suffered considerable losses. As a reminder, non-fungible tokens are unique digital assets created through tokenization, transforming sensitive data into cryptographic data for secure transactions.
In other news, investors seeking exposure to ETH via exchange-traded funds (ETFs) may face delays in U.S. approval, as predicted by Standard Chartered. While approval for spot Ether ETFs was initially expected in May, the revised timeline suggests a longer wait. Despite this, major cryptocurrency investors continue to accumulate ETH, adding nearly $500 million worth of the digital asset to their portfolios in recent weeks.
The volatility in the NFT market and the regulatory landscape for crypto investments highlight the importance of thorough research and risk management for individuals looking to navigate the ever-evolving crypto industry. Stay informed and stay ahead in the world of crypto and NFTs.
