Justin Bieber's Million-Dollar Mistake: NFT Investments Gone Wrong

Justin Bieber, the famous pop singer,lost a lot of money after buying a Bored Ape NFT. He paid $1.3 million for it last year, but now it's worth only around $59,000.

Many celebrities were excited about investing in NFTs during their popular period. But not all of them have been able to avoid the problems that came afterward.

Bieber started investing in NFTs in January 2022, when many other celebrities were doing the same. He spent 500 ETH (about $1.3 million) on a Bored Ape NFT. Now, he has lost about $1.24 million on this investment.

Bored Ape NFTs are unique digital items that exist on the Ethereum blockchain. The price of these NFTs has dropped a lot recently. Other NFTs like MoonBirds, MAYC, Azuki, and Doodles have also lost value.

Bieber isn't the only celebrity who has lost money on NFTs. Soccer star Neymar Jr. and rapper Eminem lost $700,000 and $300,000, respectively. Even Madonna, the "Queen of Pop," lost money after buying an NFT and watching its price go down.

In addition to losing money, some celebrities are dealing with legal problems because of NFTs. In December, people who invested in NFTs sued the maker of the Bored Ape NFTs. They also sued promoters, including Madonna, Paris Hilton, and Justin Bieber. The lawsuit says these celebrities didn't tell people they were paid to promote the NFTs and tricked them into buying them.