Justin Bieber's NFT portfolio suffered a significant setback after the pop star lost more than $1 million on the Bored Ape Yacht Club NFT he bought last year.
CNBC reports that Bored Ape #3001, which Bieber bought for 500 ETH ($1.29 million) in January 2022, is now worth $59,000 or 30.5 ETH. In other words, Bieber's NFT has lost nearly 95 percent of its original value.
Justin Bieber spent over $1.3 million on this NFT last year
— Dexerto (@Dexerto) July 3, 2023
It is currently worth $59,000 pic.twitter.com/LwdNkLyRZU
The news comes months after Bieber was selected as one of several celebrities named in a class action lawsuit against Yuga Labs Inc., the cryptocurrency startup that runs the Bored Ape Yacht Club.
In the lawsuit, stars such as Bieber, Post Malone, Snoop Dogg, The Weeknd and Kevin Hart allege financial technology firms linked to financial technology firms promoted by Auzary's company Sound Ventures. , claims to have paid for Boad Ape and other Yuga merchandise through Moonpay.
The lawsuit includes executives from Oseary, Yuga Labs, MoonPay, Reddit co-founder Alexis Ohanian, NFT artist Beeple, as well as celebrities such as Paris Hilton, Diplo, Future, Jimmy Fallon and Gwyneth Paltrow. A total of 37 defendants are named. DJ Khaled and Madonna. Plaintiffs allege that billions of dollars are made through misleading celebrity endorsements and that "none of the defendants ever registered these securities with the SEC."
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