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It was January of 2022, and non-fungible tokens (NFTs) were all the rage. So much so, pop star Justin Bieber decided to buy a 'Bored Ape' 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.
Bieber was one of the first celebrities to invest in NFTs
Justin Bieber 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 Warhol-esque 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.
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.
What 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". 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 official site explains. A collection which has undoubtedly been a poor investment for many.
A list of Justin Bieber's entire NFT collection
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:
- Bored Ape #3850 - 166 ETH
- Bored Ape #3001 - 500 ETH
- Alien Fren #8591 - 2.85 ETH
- World of Women #7853 - 16 ETH
- Doodle #3595 - 17.97 ETH
- Doodle #8426 - 13 ETH