Celebs often explore new areas to innovate. Justin Bieber’s Non-Fungible tokens [NFTs] Space became an enthralling pursuit. The journey began well, but the volatility of the stock market turned it into an edifying tale. Justin Bieber’s NFT Portfolio, valued once at more than $2 million dollars, is now worth a fraction of that amount, barely above $100,000.
Arkham Intelligence is a leading blockchain analytics company that revealed the decline. This report revealed how in 2022 the Canadian pop star spent more than $2 million dollars on NFTs, but their value has since declined. Bieber has a small amount of money in his Arkham wallet, valued at under $500,000. This is a vast difference from the initial investment.
Justin Bieber purchased more than $ 2 million of NFTs in 2022, which are now only worth about $100K.
Arkham’s wallet now contains just over $500k in APE and ETH.
Below are some details: pic.twitter.com/U6qH84C3OO
— Arkham (@ArkhamIntel) April 24, 2024
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Looking at what went wrong
NFT has attracted a wide range of people to the market. Unique digital items and their authenticity have become a trend. These assets, from art to virtual property, have captured the attention of investors, collectors and artists. Justin Bieber entered this market in 2022. Then he explored collections such as Mutant Apes and World of Women. He also looked at Otherdeeds. Bored Apes. Metacardsand Doodles.
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Bieber purchased two Mutant Apes and two Bored Apes. The total value of these was around $1.86million. Even though the pop singer was promised potential market returns, his NFT investments were not immune from the bear market. The value of the NFT investments dropped significantly.
Bieber’s NFT Portfolio has dropped by almost 95% from its original valuation. Arkham found that Bieber has only one Bored Ape in his portfolio, and just one Mutant Ape. Both are worth fractions of what they were originally purchased for.
You can also read: Justin Bieber’s Bored Ape NFT, worth $1.3 million today is only $59,000