Justin Bieber’s investment in the Bored Ape Yacht Club (BAYC) NFT has suffered a significant decline in value, dropping from $1.3 million to $59,000 according to Dexerto in a tweet.
The NFT market is notoriously unpredictable and volatile, leading to frequent fluctuations in price. This instability has caused Bieber to lose his investment. Although a major financial blow, it is important to consider the bigger picture.
The global pop superstar has an estimated net worth of $285 million as of September 2021, meaning the $1.2 million loss is probably manageable. He has diversified his sources of income, including music, merchandising, and endorsements. It is also speculated that Justin Bieber was gifted the NFT by MoonPay as a promotional tactic.
Celebrities have been exploring the fascinating world of NFTs, using them to interact with their fan bases and monetise their brands. Some like Snoop Dogg and Wiz Khalifa have even gone on to launch Music NFTs.
Not all NFT endeavours are unsuccessful however. Some celebrities have made large sums of money by selling NFTs for astronomical prices. It’s a game with a high chance of a high payoff.
