Beyond Bieber: Here’s How Much Celebrities Lost on NFTs
By Lesia Dubenko 307 26 Jul 2023
Would you pay over hundreds of thousands for NFTs? Many celebrities did. Here is what happened to them.
Who doesn’t feel slightly satisfied knowing that a celebrity with flashy cars and Beverly Hills villas incurred a big loss?
There’s even a word for it: schadenfreude. And that’s exactly what many of us felt when found out several weeks ago that Justin Bieber took a major loss.
According to sources, in January 2022, the celebrity, known for his highly popular "Baby, Baby, baby, oh" 2010 hit, purchased Ape #3001 for 500 ETH ($1.3 million at the time) as well as Ape #3850 for 166 ETH ($470,000). Since then, the two NFTs have seen a significant drawdown. While the former’s value stands at 29.95 WETH ($58,610), the latter is bidding for 30.06 WETH ($58,898.56) at the time of writing.
Many Twitter users had strong opinions about this circumstance.
Some of them tweeted, “That NFT craze was hilarious. Such an obvious scam and people were falling for it” and “ To justin is like losing a dollar he chillin.”
But it wasn’t only Justin who lost money as a result of the NFT hype settling down.
Eminem, who owns Bored Ape #9055, has likewise felt the effects of the market’s lacklustre performance. In 2022, the legendary rapper bought the NFT for $462,000. Since then, its value has decreased to $64,877.
Similarly, Madonna’s ape #4988 took a significant loss too. Having bought it in 2022 for $560,000, her NFT is valued at $62,308 at the time of writing.
In total, the three celebrities lost over $2,5 million, as per our estimates.
However, it might not be such a tragedy for them after all as multiple rumors are circulating that none of the big celebrities truly bought the NFTs. Different commentators suggest that they were gifted them for promotional purposes, including Snoop Dogg.
Still, this remains subject to speculation until buttressed by firm evidence.
While Bored Apes are considered to be blue chip NFTs, Gagarin News previously reported that not everything is rosy in the NFT kingdom. In fact, the collection’s floor price slumped by 64% over the past year.
To find out more about how the Bored Ape collection is fairing, read this article.