Justin Bieber Loses $1.2 Million on NFT Investments

A Bored Ape Yacht Club (BAYC) NFT, presumably owned by pop star Justin Bieber, #3001 has fallen in price from $1.3 million to $59,000.

In January 2022, the singer acquired a non-fungible token for 500 ETH on the OpenSea marketplace — the digital asset is now worth 29.5 WETH. At around the same time, theories emerged that the purchase might have been sponsored by the designer behind Bieber’s fashion brand Drew, Gianpierre D’Alessandro.

According to independent journalist going by the handle Autism Capital, the artist received the NFT as part of a MoonPay collaboration. He posits that the firm could have used the star’s influence to push up the prices of its own token portfolio and sell them subsequently.

The account JustinBieberNFTS, which is purportedly owned by the Canadian artist, holds 2023 non-fungible tokens, including inBetweeners #3777, shown in the profile photo on Twitter.

The trend of falling NFT prices across collections has been ongoing for some time.

In July 2022, the BAYC floor price stood at 97 ETH (about $1.16 million at the rate at the time); it is now at 27 ETH (about $52,650).

Earlier, BAYC NFT was acquired by American rapper Eminem. He paid 123.45 ETH (more than $450,000 at the rate at the time).

Back in March 2023, collector Brandon Riley accidentally burned CryptoPunk #685, worth about $129,000.