Bieber's Bored Ape NFT: A $1.24M Investment Nightmare



by NOUMAN RASOOL

Bieber's Bored Ape NFT: A $1.24M Investment Nightmare
Bieber's Bored Ape NFT: A $1.24M Investment Nightmare

Justin Bieber's foray into the world of non-fungible tokens (NFTs) has turned into a financial nightmare. In January 2022, during the height of the NFT craze, the pop star splurged a staggering $1.3 million on a 'Bored Ape' NFT.

However, fast forward 18 months, and the once-valuable token is now worth a mere $59,090, resulting in a colossal loss of $1.24 million for Bieber. At the time, NFTs were hailed as a groundbreaking innovation in digital asset ownership, and Bieber was among the first prominent celebrities to dive into this emerging trend.

The Bored Ape series, seen as a modern-day equivalent of owning a piece of iconic digital art, captured his attention. Unfortunately, the value of the NFT has taken a nosedive, contributing to one of Bieber's most significant financial regrets.

NFT Decline Reflects Crypto Volatility

The decline in NFTs mirrors the volatility of the cryptocurrency world. Although Bieber's Bored Ape token held a rarity rank of 9,810 and was not particularly scarce, its value plummeted in line with the industry's sudden rise and subsequent crash.

Other notable celebrities who also ventured into the NFT frenzy, albeit with smaller investments, include Cara Delevingne, Snoop Dogg, Eminem, Emily Ratajkowski, Kate Moss, Shawn Mendes, Tony Hawk, Lindsay Lohan, and Paris Hilton.

So, what exactly are Bored Ape NFTs? 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." Operated by Yuga Labs LLC, the club welcomes visitors to "ape in" and explore its offerings.

The Bored Ape collection comprises 10,000 unique digital collectibles residing on the Ethereum blockchain, an investment that has proved disappointing for many. While Bieber's Bored Ape #3001 represents his most significant financial setback, it is worth noting that the singer invested a total of $2 million in six NFTs.

The complete list includes Bored Ape #3850 (166 ETH), Alien Fren #8591 (2.85 ETH), World of Women #7853 (16 ETH), Doodle #3595 (17.97 ETH), and Doodle #8426 (13 ETH). For Bieber, this unfortunate financial loss adds to a series of regrets he has accumulated throughout his career, which began when he skyrocketed to fame at just 13 years old. It serves as a reminder that even for celebrities, investments can be unpredictable and carry substantial risks.