Justin Bieber lost over R23-million with NFT investment
Making sure you invest your money in a way that keeps making you money is not always that easy.
Before everyone was obsessed with artificial intelligence and ChatGPT, there was another digital advancement that had captured everyone's attention.
The NFT, aka the non-fungible token.
WATCH: Footballer Cristiano Ronaldo dances to amapiano song
The NFT craze seems to have died down a bit, but there was a time during the last three years when people were desperately trying to get their hands on them; brands and celebrities were creating NFTs and the rich and famous also wanted to purchase their fair share of NFTs.
And some of these sought-after pieces were worth a pretty penny.
One celeb who might now be regretting his decision to invest in this trend is singer Justin Bieber.
WATCH: Hawk interrupts woman's guitar practice to grab food
The popstar managed to purchase one of the most popular NFTs at the time, a Bored Ape.
A limited NFT collection where the token itself doubles as your membership to a swamp club for apes. The club is open! Ape in with us. BAYC is a collection of 10,000 Bored Ape NFTs-unique digital collectibles living on the Ethereum blockchain.
READ: Shopper finds live snake inside of broccoli packet
Bieber purchased the Bored Ape #3001 token for a cool $1.3-million. That's over R24-million spent on something you can't even touch or see in real life.
Unfortunately for him, the value of the NFT has gone down massively and it is now worth an estimated $59,090.
It is also said that the industry is on a continuous decline after it quickly boomed and crashed within a number of months.
Justin Bieber purchased this Bored Ape NFT in January 2022 for $1.31 million.
— SAY CHEESE! 👄🧀 (@SaycheeseDGTL) July 3, 2023
Today, it's worth $59,090. pic.twitter.com/SEtUy4TasA
Tune in to 'The Drive with Rob & Roz', on weekdays from 16:00 - 19:00. Stream the show live here or download our mobile app here.
Follow us on social media:
Main image courtesy of ANGELA WEISS/AFP