Justin Bieber Pats $1.24M Loss In NFT BAYC!

<p>&nbsp;"Damn it's a lot to lose, do you think the price of Bieber's NFT BAYC can recover?'</p><p><br /></p><p>Certainly iconic on stage, but Canadian pop star Justin Bieber's investment strategy was less effective when the Bored Ape Yacht Club (BAYC) collection of non-fungible tokens (NFT) he bought last year for $1.3 million reportedly suffered subsequent losses, now worth just $59,000.</p><p><br /></p><p>There's no denying that the NFT hype during the bullish cryptocurrency market has attracted many celebrities to join in, but they also can't help but suffer as the NFT's performance plummets.</p><p><br /></p><p>After Bieber invested in BAYC 500 Ethereum (ETH) worth $1.3 million in January 2022, 18 months later he incurred a loss of $1.24 million.</p><p><br /></p><p><br /></p><p>In context, BAYC has 10,000 NFT units that are based on the ETH blockchain, but its collection saw a big drop when the floor price dropped below 30 ETH, causing the value of Mutant Ape Yacht Club (MAYC), MoonBirds, Azuki and Doodles to also slip.</p><p><br /></p><p>Apart from Bieber, soccer star Neymar Jr and famous rapper Eminem also lost $700,000 and $300,000 respectively from their NFT purchases last year.</p><p><br /></p><p>Not only that, Madonna who is the singer of the United States (US) and "Queen of Pop" has suffered with a number of big losses after buying NFT BAYC but the price started to decrease slowly.</p><p><br /></p><p>Last December, NFT investors sued the creators of BAYC, its promoters, Bieber, Madonna and Paris Hilton for allegedly using celebrities to boost sales and trick customers into buying BAYC's NFT collection.</p>