With the recent massive drop in the value of Justin Bieber’s NFTs, the 10 biggest celebrity NFT losses in the Web3 industry have been identified by Bitcoin casinos, with Gary Vee and Logan Paul topping the list of devaluations. 

Below are all the details. 

NFT celebrities: Gary Vee and Logan Paul top the list of losses 5vin the Web3 industry

As anticipated, the NFT market slumped dramatically in 2022, causing large losses for many celebrities and athletes. Specifically, Justin Bieber ranks in the top three for the largest celebrity NFT losses, with a loss of over $1.2 million.

Then, Gary Vee suffered the highest celebrity loss on a single NFT, recording a write-down of $3.8 million. Meanwhile, Logan Paul’s NFT suffered the world’s largest devaluation, with a loss of 99.9995% of its original value.

As we know, the cryptocurrency and NFT market was booming heading into 2022, with numerous prominent celebrities jumping into this new form of investment. 

Justin Bieber, Gary Vaynerchuk, Logan Paul, and many others invested millions in NFTs, but a year later it turned out that many of these investment decisions were rather unfortunate.

The “Bored Ape Yacht Club” collection has been particularly hard hit, with a collective 88% devaluation over the past two years. 

The cryptocurrency Ethereum has also suffered a drastic 82% decline, making investors’ losses even worse.

Justin Bieber purchased an NFT from the “Bored Ape Yacht Club” collection, number 3001, at a price of $1,301,550 at the time of purchase. Since then, the value of the NFT has dropped 95.65% to a low price of $56,560.

Some celebrities have had great success in the NFT market, but many others have suffered large losses. Eminem, Neymar, Snoop Dogg, Madonna, Paris Hilton, Serena Williams, and Marshmello are just some of the celebrities who lost hundreds of thousands of dollars in the NFT market.

Gary Vee, Logan Paul, Neymar and more: all the losses when it comes to NFTs 

Even though he initially claimed that NFTs were not a passing fad, Gary Vaynerchuk has suffered a significant loss in value since his purchase of CryptoPunk #2140, making him the largest loss among celebrities in a single NFT

Despite warning that many NFT projects would be bad investments, Vaynerchuk maintained confidence in the overall market picture. He was aware that the collapse of the NFT market was predictable, with many buyers trying to make quick profits through the secondary market. 

However, for him, the true utility of NFTs as collectibles and contracts would remain a constant presence in society. Thus, Logan Paul also currently holds the title of the world’s largest discounted NFT. 

After buying a Bumble Bee NFT for $667,000, its value collapsed to just $10, registering a 99.9985% loss, amounting to $660,990 in net losses. PSG soccer player Neymar also suffered the largest NFT loss among soccer players. 

By purchasing Bored Ape Yacht Club #5259 for $569,531 in January 2022, the NFT lost 89.81% of its value, bringing it to be worth only $58,039 at present according to the minimum prices of the NFT collection.

Prices and sales of NFTs by celebrities can be tracked online through platforms such as OpenSea, providing the public with an overview of celebrity-backed NFTs and revealing any losses or gains. 

Despite the difficulties of the NFT market and its extreme volatility, Gary Vee, Logan Paul and Neymar maintain a long-term view, believing that the NFT world still has a promising future, although the final tally has yet to be determined.

Related posts
More from author

Thinking about all the Avatars in virtual worlds that need variety of clothing items to stand out, and knowing that NFTs can provide scarce and unique wearables that all users would love buying. Fashion brands are already interested in using NFTs and the metaverse to showcase, sell and archive their precious  products. Many passionate and experienced professionals in the industry already believe that exactly fashion is the next big thing for NFTs.

As the industry officially begins to recognize the power of digital and its immeasurable impact on the future of the market, The Cryptonomist is monitoring closely everything that is happening and how the fashion brands are not only embracing the technology but are firmly stating and believing that Web3 is here to stay. 

A great is example is the german sportswear brand Puma who has launched its metaverse website experience Black Station to celebrate its return to the runway, placing it back in the running as one of the major sportswear leaders in the Web3 space alongside competitors Adidas and Nike.

Puma Black Station is providing its customers with an engaging experience alongside digital collectibles. Consumers can enter the Black Station to find limited quantities of NFTs and physical sneakers.

“Given the boundaries we are pushing from a product design and digital standpoint, we found it fitting to bring Black Station back as a new portal for digital exploration across fashion, sports performance, our heritage classics, and innovation,”

said Adam Petrick, Puma’s Chief Brand Officer in a statement.

Entering the website can choose a hyper-realistic digital lobby with three different portals that are explicitly designed in order every visitor to experience the never-before-seen sneakers. For instance, they revealed two new exclusive sneakers, the Nitro NFRNO and Nitro Fastroid sneakers, which are linked to NFT Nitropass. Consumers can mint NitroPass to receive NFTs linked to physical products which can be claimed once their ‘Futuregrade’ fair is over.

Customers minting the Nitropass can get access to two NFTs where one is linked to a redeemable physical product, while the second one grants them access to an experience linked to their chosen physical sneaker.

We all understood something big is happening when last month during the New York Fashion Week, the Creative director of Puma June Ambrose mentioned about the Web3 experience that they hav been working on and has also shared details about the NFTs that are unlocking access to the exclusive sneakers. But more interesting than the technology was an A.I. of her own making. 

“I wanted to create something fresh and magical for a runway experience that really tapped into our A.I., our authentic intelligence.” 

We would like to remind The Cryptonomist readers that back in June this year, the company Meta (formerly Facebook) announced its launch of an online store where you can pay real-life money for digital outfits. Nike was one of the first who also created a virtual world where everyone can play games and style your avatar with virtual Nike gear, launching Nikeland — also in Roblox — featuring games, entertainment and, of course, virtual sneakers and other goods via NFTs.

And it is selling them. Dune Analytics found that Nike had brought in more than $185 million in NFT sales as of Aug. 22, according to Quartz. Dolce & Gabbana had $26 million, while competitor Adidas raked in just $11 million, despite having 50,000 sales to Nike’s 67,000.

In December, Nike bought NFT studio RTFKT (pronounced “artifact”) to up its already intense NFT game.

Related posts
More from author