Back in January, Justin Bieber spent 500 Ethereum, or around $1.3 million at the time, for a Bored Ape NFT. Following the most recent crypto meltdown, that NFT is now worth 58 ETH, or around $70,000, representing a 95% decrease in its value (via Insider). Even if Bieber has a lot of money, that has to sting.Of course, Justin Bieber isn’t the only one who has seen the value of his NFT assets drop. The Bored Monkey Yacht Club collection has over 10,000 NFTs, implying that many investors lost money on their digital ape paintings. The iconic collection, which includes cartoon monkeys dressed in various styles and clothing, is worth at roughly $1 billion.The dip in Justin Bieber’s NFT price is due in part to the FTX controversy, which saw the cryptocurrency exchange declare bankruptcy after it was revealed that client funds were mismanaged, prompting an inquiry by the Securities and Exchange Commission and the Justice Department. The announcement prompted the value of cryptocurrencies such as Bitcoin, Ethereum, and countless altcoins to fall. Not only might the controversy lead to criminal charges against creator Sam Bankman-Fried, but crypto investors have already filed lawsuits.Justin Bieber should consider himself fortunate that losing money on an NFT is the worst thing that has happened to him since the story broke. Many of his peers promoted FTX and are now included as defendants in the class action case filed against Bankman-Fried.Of course, this incident does not spell the end of cryptocurrency, blockchain technology, or non-fungible tokens. Justin Bieber may be able to hang on to his NFT investment long enough to recoup his investment and even profit. Many individuals panicked and sold their Bored Ape paintings in the aftermath of the crisis, but the value hasn’t dropped to zero.Nonetheless, of all the blockchain technologies, people appear to be the most dubious of NFTs. If you’re not familiar with the term, non-fungible tokens have a unique identity on the blockchain that prohibits them from being reproduced or split. It is essentially a digital asset u2014 whether it be a photo, artwork, GIF, video, or other u2014 that you have full ownership and control of.Many celebrities, CEOs, sportsmen, and others, in addition to Justin Bieber, have invested in NFTs. The most recent crypto meltdown is still fresh in our minds, so we’ll have to wait and see how long it takes for these Bored Ape investors to recoup some of their losses. Meanwhile, Bieber has a net worth of over $285 million, so he’s definitely not in too much trouble.Of course, Justin Bieber has done more this year than merely lose money on NFTs. Although he hasn’t published an album since 2021’s gospel-inspired EP Freedom, he did release a song named Honest in April of this year, which featured Don Toliver.
