Purchased in 2022 by pop star Justin Bieber, NFTs worth about $2 million are now worth just over $100,000. Losses reached 94.7%, Arkham Intelligence estimated.
Justin Bieber NFT Purchases: Down 94.7%
Did you know that Justin Bieber bought more than $2M of NFTs during 2022 - now worth barely over $100K.
His wallet on Arkham now holds just under $500K in ETH and APE.
Details below: pic.twitter.com/U6qH84C3OO
Initially, the singer's wallet received $2.34 million in Ethereum (ETH). Most of the $1.86 million went towards the purchase of two Bored Ape Yacht Club (BAYC) and a pair of Mutant Ape Yacht Club (MAYC).
The portfolio also included tokens from the collections of World of Women, Doodles, Otherdeed and Metacard.
Since that time, assets have lost in value from 89.7% to 97.4%.
The wallet still holds one BAYC and one MAYC each, which now cost a total of $47,300.
Justin Bieber’s wallet originally received $2.34M in ETH from @inBetweenersNFT, buying 2 Bored Apes and 2 Mutant Apes for a total of $1.86M - as well as one World of Women (-97.3%), two Doodles (-89.7%), an Otherdeed (-97.4%) and a Metacard (-96.9%).
He still holds one Bored Ape… pic.twitter.com/Phva4yWzW6
Since 2022, NFT trading volumes on Ethereum have dropped significantly. Then, at the maximum, the weekly figure in April reached $ 510 million. It now stands at $40-60 million, according to The Block.
Minimum prices for collection tokens have also dropped significantly. At BAYC in January 2023, it rose to 81.5 ETH, at the time of writing it dropped to 13.5 ETH.
Data: The Block.For MAYC, the corresponding values are ~18.4 ETH and 2.3 ETH. At the same time, Ethereum quotes have increased from the levels of $2400-2600 to $3150 during this time.
Recall that in March, BAYC #9258, owned by American comedian Kevin Hart since January 2022, was sold for 13.65 ETH — 76% lower than the purchase price.