JJ Lin reportedly loses 91% in NFT investments, jokes about needing financial advice
JJ Lin loses 91% in NFT Eiendomsinvestering at Decentraland
One of Singapore’s most iconic superstars, JJ Lin often makes headlines for several reasons.
Source: @jjlin on Instagram
Be it accidentally keeping a fan’s Cartier ring or misreading “Pasir Ris” as “Paris,” there’s no shortage of memorable moments when it comes to him.
Recently, Lin has been trending on social media again – albeit for a rather unexpected and not entirely flattering reason.
He had apparently suffered a loss of around 91% after buying three virtual properties.
JJ Lin incurs 91% losses from NFT investments
Back on November 23, 2021, Lin announced via Twitter that he had purchased three virtual plots of land as non-fungible tokens (NFT) via Decentraland.
Source: JJ Lin on Twitter
The platform is a 3D virtual world that allows users to purchase virtual plots of land as NFTs using the MANA cryptocurrency.
According to 99.co, Lin had bought the three plots for 6,000 MANA each. At the time, this translated to around US$30,000 (US$40,000) apiece.
With each pixel at 52.5 sq ft, Lin shelled out about S$760.70 per sq ft for the land.
Unfortunately, it seems his investment failed.
Local media in China reported that the value of his virtual properties has reportedly fallen in value by around 91% and is now worth just US$10,000 (US$13,000).
In response, the singer posted a photo of his wallet on Weibo, cheekily saying, “I heard that many people want to help me with my financial management recently!”
Previous involvement with NFTs
Lin is not the first well-known figure from Singapore to dabble in the NFT world.
Last year, Singaporean influencer Irene Zhao listed an NFT collection featuring herself in various poses.
With lyrics like ‘Shut up’, ‘Take My Money’ and ‘Simp’, the collection was an instant hit and took just 10 days to generate a staggering S$7.5 million in sales.
Then, in March last year, Reform Party former chairman Charles Yeo also launched his own NFT fundraiser to raise funds for legal expenses.
The world of cryptocurrency and NFTs can sound very exciting. But as Lin’s experience has shown, it can also lead to devastating results if one is not careful.
Fortunately for Lin, this loss will likely be insignificant to him as the artist is currently on his JJ20 World Tour and will soon release his 20th anniversary album.
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Featured image adapted from JJ Lin on Instagram and Weibo.
