It was January of 2022, and non-fungible tokens (NFTs) were all the rage. So much so, pop star decided to buy a token for $1.3 million dollars. Fast forward 18 months, the value for said token is now $59,090.
The net loss of $1.24 million is now one of Bieber's biggest regrets. One in a long line for the singer who entered the limelight at just 13-years old.
was one of the first big-name celebrities who bought into what was touted as a groundbreaking evolution in the ownership of digital assets. The Bored Ape series was seen as a front-runner, like owning a piece of prime digital art. However, the value has steeply declined and is only continuing to do so.
The fate of NFTs has suffered a similar decline to that of the cryptocurrency world. While Bieber's Bored Ape token wasn't considered particularily rare (its rarity rank was 9,810), the loss of value seems tied to the downfall of an industry that quickly boomed and crashed in a matter of months.
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Other A-list celebrities who bought into the NFT craze (though less heftily) include: Cara Delevingne, Snoop Dogg, Eminem, Emily Ratajkowski, Kate Moss, Shawn Mendes, Tony Hawk, Lindsay Lohan and Paris Hilton.
The Bored Ape Yacht Club describes itself as a "limited NFT collection where the token itself doubles as your membership to a swamp club for apes". The website, operated by Yuga Labs LLC encourages visitors: "The club is open! Ape in with us".
"BAYC is a collection of 10,000 Bored Ape NFTs-unique digital collectibles living on the Ethereum blockchain", the explains. A collection which has undoubtedly been a poor investment for many.
Although "Bored Ape #3001" has been Bieber's worst financial investment of all, the singer actually sank $2 million into six NFTs overall. Here they are: