Billionaire Michael Jordan Faces 90% Loss In Crypto As Tom Brady, Justin Bieber And Other Stars Suffer NFT Market News

The collapse of cryptocurrency exchange FTX has taken the non-fungible tokens (NFTs) ventures by storm. The significant drop in value in the NFT market has resulted in large losses for, among others, Chicago Bulls legend Michael Jordan, NFL legend Tom Brady and the popular artist Justin Bieber. Many celebrity NFT investors and supporters are facing significant losses in NFTs as the floor prices of their digital signature collectibles and holdings fell at a shocking rate. As a result, Michael Jordan has experienced over 90% losses in his NFTs. On the other hand, Beiber and Brady have also had significant consequences.

Michael Jordan released his NFT collection called ‘6 Rings’ in March 2022. He made 5005 NFTs available on Solana-based platforms HEIR and MagicEden. Also, the NFTs were originally sold at 2.3 SOL, estimated at around $221 a piece.

However, things took a disappointing turn after the Solana network’s native token SOL dropped in value by 25% in the last week following the FTX collapse.

Michael Jordan loses his NFT fortune after the FTX disaster

Prices on Jordan’s collections that hit all-time highs earlier in 2022 have more than halved in value through mid-November. The recent decline in SOL has significantly affected the value of Michael Jordan’s NFT collection. Back in March, an NFT was sold at 16.99 SOL.

Now, with the shocking drop in Solana recently, Jordan is facing an overall loss of 92%. The NFT fall comes as a major disaster for the six-time NBA champion, who entered the crypto market earlier this year.

Justin Bieber and Tom Brady deal with big losses

The downlist in NFT value has also affected the popular singer Justin Bieber. His $1.3 million worth of Bored Ape Yacht Club(BAYC) NFT has dropped to just $69,000. Bieber bought the NFTs for 500 ETH, which equates to over a million dollars. Surprisingly, the price of the cheapest BAYC NFT in Bieber’s collection was 58.1 ETH, or $75,000.

Meanwhile, Tom Brady also has big losses after the collapse of FTX. He had taken a stake in the cryptocurrency exchange platform. Brady and his ex-wife made a huge equity investment in FTX in 2021. He also partnered with the company’s CEO Sam Bankman-Fried a year earlier. Following the company’s bankruptcy filing, Brady is among other celebrities facing a class action lawsuit filed against the founder of FTX.

Elsewhere, the star-studded Coachella NFTs, sold for $1.5 million, are now disabled on FTX following the company’s collapse. BAYC’s floor price has also fallen from $101,834 to $60,873 in the past two weeks. Additionally, CrytoPunks took a big hit as their floor price dropped from $103,041 to $79,769 on November 17th.

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Thus, the major collapse in the crypto market has affected many celebrities and stars, including Michael Jordan, Justin Bieber and Tom Brady.