The NFT market crashed in 2022, causing some celebrities and athletes to suffer huge losses. Find out which celebrities took the biggest NFT losses during crypto winter.
- Justin Bieber Ranks In Top 3 for Biggest Celebrity NFT Losses (-$1.2M)
- Gary Vee Takes Highest Celebrity Loss on Single NFT (-$3.8M)
- Logan Paul’s NFT Is The Biggest Discounted In The World Losing 99.9995% Of Value
Heading into 2022, the crypto and NFT market was booming with some of the world’s biggest A-list celebrities jumping on the bandwagon. Athletes and celebrities were investing millions in NFTs, including stars like Justin Bieber, Gary Vaynerchuk, Logan Paul, and more.
A year later and it seems like these celebrities made some pretty poor investment decisions. The market has completely crashed with values for some NFTs plummeting by 80% or more. Most celebrities have seemingly taken their biggest loss from the popular NFT collection “Bored Ape Yacht Club”.
The ‘Bored Ape Yacht Club’ collection has collectively dropped 88% in the last two years. On top of the NFT crash, the crypto coin Ethereum has also crashed taking an 82% dip, compounding losses for investors.
Justin Bieber Ranks In Top 3 for Biggest Celebrity NFT Losses ($1.2M)
Canadian pop star Justin Bieber jumped on the NFT bandwagon at the beginning of 2022 when he bought from the popular collection Bored Ape Yacht Club.
Bieber bought #3001, valued at $1,301,550 at the time of the sale. Since then the NFT has dropped 95.65% for a current floor price of $56,560.
While that doesn’t represent the price of Bieber’s specific NFT, it is a sign that the pop star may have invested at the peak of the bubble.
Along with Bieber, multiple celebrities took a massive hit in the NFT market. Stars like Eminem, Neymar, Snoop Dog, Madonna, Paris Hilton, Serena Williams, and Marshemllo have lost hundreds of thousands in the market.
There was a lot of uncertainty around NFTs but Gary Vee showed his interest in the idea very early on.
Despite arguing that NFT wasn’t a fad, Vaynerchuk has lost more than $3.8 million in value from his purchase of CryptoPunk #2140, the biggest hit of any celebrity on a single NFT.
While he warned many casual buyers that 98-99% of NFT projects were going to be bad investments, Vaynerchuk still believed in the bigger picture.
According to the entrepreneur, the NFT market crash was predictable with buyers flipping collectibles on the secondary market to make a quick buck. That rate of demand for NFTs wasn’t going to last forever and with lots of scammers and poor operators, the market did indeed take a turn for the worse.
For Vaynerchuk, there’s a belief that the NFT market will rebound.
While it’s been a tough year and a super volatile market, “the larger utility of NFTs as a collectible and contract will become a permanent fixture in society,” Vaynerchuk said earlier this year.
Despite the market drop, Vaynerchuk believes that the NFT world isn’t a fad and it’s a long-term game with the score not settled yet.
Logan Paul Suffers Biggest Percentage Drop After NFT Loses 99.9985% Of Its Value
Currently, Logan Paul owns the world’s largest discounted NFT in the world.
After buying a Bumble Bee NFT for $667,000, it’s now only worth $10.
The NFT has nearly dropped to zero, losing 99.9985% of its value since he purchased it in 2021, good for a net loss of $660,990.
PSG’s Neymar Suffers Biggest NFT Loss Of Any Footballer WorldWide
Buyers can watch the prices and sales of different NFTs online using platforms like OpenSea. This allowed them to track celebrity purchases and gave the public an inside scoop on which NFT projects celebrities were backing.
For Neymar, he bought Bored Ape Yacht Club #5259 for $569,531 in January 2022.
The NFT took a huge hit, losing 89.81% of its value. Given the current floor price of the NFT collection, Neymar’s NFT is projected to be worth only $58,039.