NFTs TODAY:$1.3 Million Down To $71,000? How Much Loss Has The Market Crash Caused?

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I know that the last thing some of us want to have a discussion about is NFTs, considering how much damage the FTX crash has done to so many. But, the minute I saw this news, I just knew I had to share.
Apparently, Justin Beiber purchased an NFT from the BAYC collection for a whopping sum of 500 ETH, which was equivalent to about $1.3 million at that point.

Just in case you’re wondering why he put so much money into NFTs when he did Here’s what: There was so much hype around NFTs that people like me, who didn’t own one at the time, felt oppressed.
The value of the NFT he bought, Bored Ape #3001, in January has now shrunk by well over 90%. a massive loss, I must add.

PRICE IN JAN

NFT Collection: Bored Ape
Value in ETH: 500 ETH (at a rate of $2,600 per one)
Value in dollars: $1.3 million

NOW WORTH

Value in ETH: 59 ETH
Value in dollars: $71,000

It gets worse: not only did he invest in NFTs in January, but he also bought another in February for a whopping sum of $470,000 worth of ETH, which is unfortunately now worth $90,000 as a result of the market crash.

Just like Justin Beiber, several other celebrities all over the globe, including Eminem and Neymar, purchased different NFT collections and suffered losses in the end.

The YouTube personality Logan Paul, the renowned rapper Eminem, and the Brazilian soccer icon Neymar are also among the famous people who sit on substantial unrealized losses due on their NFT investments.
Paul hopped on the bandwagon in 2021, purchasing an item part of the Azuki collection for $623,000. He recently revealed that his investment is currently worth only $10.Imagine watching your money deplete from $623,000 down to $10. Sad!
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Imagine watching your money deplete from $623,000 down to $10. Sad!

Thank you for reading!

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