How much do Logan Paul, Eminem, Neymar lose on their investment?
2021 was not only one of the biggest bull runs in the crypto markets, but also the year when the NFT (Non-fungible tokens) hype skyrocketed. Suddenly it was all that was talked about. Consequently, the value of many NFT projects reached incredibly massive numbers. Fast forward a year later and things have turned as bleak as ever.
Now, with the bigger economic picture looking bleak, digital assets were expected to lose some of their value. However, very few expected the NFT markets to perform as they did.
Recently it was revealed that YouTuber and social media personality, Logan Paul’s $623,000 NFT is currently worth a mighty $10. The non-fungible in question is Azuki’s ‘Bumblebee’, which is considered a prized possession. The collection contains 10,000 hand-drawn avatars that are strikingly different from the others.
Paul isn’t the only celebrity to lose on his NFT investments. The NFT hype saw big names pull up to the non-fungible bandwagon. And almost all of them have suffered losses on their investments, let’s take a look at some of them.
Celebrities who have lost on NFT investments
Snoop Dogg: The American rapper Snoop Dogg is one of the biggest proponents of web3 and NFT. Nevertheless, the rapper still fell victim to the falling markets. In December 2021, Snoop bought XCOPY’s right click and save guy for 1,600 ETH, or $7,088,229 at the time. With the drop in Ethereum’s value, the same artwork is currently worth $2,083,456, less than 2/3 of its original value.
Eminem: Snoops rapper Eminem is another celebrity who has lost on his NFT investment. In January of this year, American rapper Bored Ape bought 9055 for 123.45 ETH, roughly $462,000 at the time. As of now, the piece is worth about $102,000.
Neymar: The Brazilian soccer player Neyamar Jr. is one of the most famous athletes in the world. Like Eminem, the Brazilian soccer star entered the NFTs in January this year. Neymar paid around $1 million for two Bored Ape Yacht Club non-fungible tokens. The two pieces are currently worth less than $350,000.
Steve Aoki: Steve Aoki has also been a popular advocate for web3 and NFT culture. The American DJ paid out 269.69 ETH ($862,056) for Doodle #2238. But as of now, the piece is worth $351,179, less than half of its original amount.
Aoki is also the owner of BAYC Ape #8716.
Madonna: “Queen of Pop” Madonna is also the owner of a Bored Ape NFT. Madonna paid 180 ETH or $466,461 for BAYC #4988 for March 2022. Currently the monkey is valued at $234,388.
This brings us to the conclusion that the non-fungible token hype has all but died out for the moment. Nevertheless, this does not mean that non-fungible substances are gone. In fact, the use of non-fungible tokens is increasing by the day.
Although the space is most popular for artwork, there are several other uses for non-fungible tokens. Land records, court papers, documents, etc. can all be stored as NFTs. This protects them from physical danger and keeps them away from malicious players.
