Justin Bieber's Bored Ape NFT Takes A Dive, Leaving Him With A Loss Of Over $1.2M
Portfolio Pulse from Mehab Qureshi
Justin Bieber's Bored Ape NFT, purchased in January 2022 for 500 Ethereum (ETH), equivalent to $1.31 million, has seen a significant drop in value, now worth approximately $58,900. This represents a loss of over 94% on Bieber's initial investment. Bieber's NFT holdings extend beyond the Bored Ape NFT, with a diversified portfolio including works from various collections.
July 04, 2023 | 1:51 pm
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NEGATIVE IMPACT
The drastic drop in the value of Justin Bieber's Bored Ape NFT, purchased with Ethereum, highlights the volatility of the NFT market and its dependence on the value of Ethereum.
The news directly mentions Ethereum as the currency used for the NFT purchase. The drastic loss in value of the NFT, which is tied to the value of Ethereum, could potentially impact investor sentiment towards Ethereum, especially those involved in the NFT market. This could lead to short-term downward pressure on Ethereum's price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100