Top 5 Celebrities Who Lost Millions In NFTs; Here list

Like cryptocurrencies, stocks and non-fungible tokens are highly speculative investments whose value is often arbitrary. As many have learned the hard way over the past year, it is difficult to choose those who will increase their value. However, the financial world will be revolutionized by NFTs and the blockchain technology they are based on.

Everyone was shocked in 2021 when collections of these images were occasionally sold for millions of pounds. But even ardent NFT devotees would admit that the frothy NFT market needed a correction. The purchase of NFTs was not even stopped by celebrities. However, only a small minority of investors saw a return on their investment. On their NFT investment, many of them suffered millions of losses. The famous people who lost money in NFT will be discussed in this article.

Also Read: Top 5 NFT trading Strategies For Investors 2023

Top 5 Celebrities Who Lost Millions In NFTs

Logan Paul

At the height of the multi-million pound NFT sale last year, the infamous YouTuber jumped on the bandwagon. It now appears that this zeal has cost him a small fortune.

An NFT Paul bought for $623,000 (£558,000) is now worth just $10 (£9), barely enough to pay for a pint of beer in a busy London pub. But that NFT is just a small part of the huge collection he amassed over the previous year, spending over $2.5m (£2.24m). This NFT’s decline over time has been 60% from its peak.

Steve Aoki

Steve Aoki is an electronic music producer and DJ known for his noisy EDM bangers. Additionally, he had established himself in the cryptocurrency community as a recognized non-fungible token creator and collector.

However, these investments have not yielded the same level of success as his music. Aoki has observed a sharp decline in the value of the assets he owns, including eight Bored Ape NFTs and more than a hundred NFTs in total. Although diversification allowed him to limit his losses, one of the “Doodles” NFTs he bought in January for around $346,000 is now only worth $42,000, according to DappRadar’s estimates.

Snoop Dog

The American rapper, who spent $7.09 million on an NFT called Right Click and Save Guy, holds the record for the most expensive celebrity NFT purchase.

But according to Open sea, the rapper also owns another non-fungible token called Crypto Punk, which was purchased for $1.1 million and is currently estimated to be worth $688,251.

Neymar Jr.

The Brazilian soccer sensation, like many other sports figures, reportedly spent over $1 million (£900,000) on two Bored Apes Yacht Club NFTs, considered one of the most sought-after non-fungible token collections, earlier this year .

Unfortunately, Neymar has paid a high price to belong to this exclusive club. According to DappRadar, a website that tracks NFT values, his two monkeys, which he bought in January for roughly $480,000 and $570,000, are now worth $153,000 and $171,000 respectively. The football player now faces potential paper losses of over $700.00.

Marshmello

In October 2021, DJ Marshmellow, a famous DJ worldwide, joined NFT Trend. For an estimated AUD 1.4 million he bought KajuKing #1680. His non-fungible token is listed on OpenSea for a paltry $AUD 2137 just over a year later. Between the two, there is a startling difference of $1.4 million.

Almost 60% of NFT trading volumes in 2022 were Wash Trading

According to a recent report, wash trades accounted for nearly 60% of non-fungible token trade volumes this year. Wash trading is a type of market manipulation where a trader buys and sells a security to simulate increased trading volume and activity in the market.

Wash trades, according to Dune, gained traction in the crypto industry in 2019. However, it became relevant to the NFT space in 2022. Dune revealed that wash trades account for approximately 45% of all non-fungible token trading volume on Ethereum. Although it accounts for $30 billion of the volume. OpenSea accounts for only 2.4% of sink trade volume and less than 1% of all trades.

also read: The impact of NFTs in the sports industry and how are NFTs used in sports?

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