SOURCE: MEGA
By:Haley Gunn
Nov. 18 2022, Published 7:00 p.m. ET
Comments
Crypto-Bro Bieber? Not anymore. After jumping on the cryptocurrency bandwagon in January, Justin Bieber‘s Bored Ape NTF has plummeted in value, taking a nose-dive from a $1.3 million purchase price to just $70,000 after FTX exchange filed for Chapter 11 bankruptcy, RadarOnline.com has learned.
At the start of 2022, Bieber, 28, spent 500 Ethereum — or about $1.3 million — on the Bored Ape NTF, buying into a financial fad that was widely known but little understood.
The 95% drop in value for the non-fungible token rounds out to a loss of $1.23 million for the pop star.
SOURCE: MEGA
The cause of the plunging value? The crash of major cryptocurrency exchange firm FTX.
FTX was co-founded by Sam Bankman-Fried in 2019 as a Bahamas-based cryptocurrency exchange platform, promoting the liquidity and transactions of coins and tokens by users like Bieber.
Users could connect their wallets to the platform to engage in various financial actions, including buying and selling NTFS. At the height of FTX in 2021, the platform had over one million users engaging in transactions.
Fast-forward to November 2022 and Bankman-Fried has filed for Chapter 11 bankruptcy, sending the crypto market into a frenzy that resulted in users panic-selling to recoup the most out of their inevitable losses.
While many users lost a significant amount of money, the musician took an especially hard hit to his pocketbook as he had already overpaid for the Bored Ape.
SOURCE: MEGA
MORE ON:
JUSTIN BIEBER
Usher Accused Of Screwing Over Stripper With Fake ‘Ush Bucks’ Dollar Bills
Young Buck Sued Over Music Royalties, Accused Of Refusing To Turn Over Assets In Bankruptcy
Viral Skateboarder Nathan ‘Doggface’ Apodaca Drops Nearly $30,000 On Diamond Jewelry After Making $1 Million In Past Year
When Bieber dropped over a million for the NTF early this year, it was estimated he overpaid around 300% of the actual value of Bored Ape. That means Bieber could have purchased the NTF for $208,237.
Bieber’s purchase was widely known after the Baby singer posted his NTF to his Instagram, along with a caption with his own song lyrics and hashtag.
“What if you had it all, but nobody to call, maybe then you’d know me. Cuz I’ve had everything but noones listening and that’s just f***in lonely. #lonelyboredape,” Bieber’s caption read.
On top of overpaying for the future sour investment, Bieber’s “LonelyBoredApe” was highly criticized by NTF collectors, as the cartoon-like image failed to feature any of the captivating characteristics that NTFS was popular for.
SOURCE: MEGA
While most of the Bored Ape suite of NTFS featured wild features and creative clothing — that users saw as its own personality to show off — Bieber’s ape was boring at best.
Wearing a plain gray t-shirt, nonchalant expression, and simple dark blue background, the NTF failed to accomplish the creative expression that made the purchase desirable.
News
Cardi B makes her grand arrival at Beautycon NYC in a full length fur ensemble and oversized floppy hat
Better late than never. After some worrisome moments, an apologetic Cardi B made her grand arrival at the yearly beauty festival, Beautycon, in New York City four hours late on Sunday. And the superstar rapper did not skimp when…
Cardi B made waves when she performed in a pink and blue feather outfit on a hip hop cruise hosted by DJ Khaled
Cardi B made waves when she performed in a pink and blue feather outfit on a hip hop cruise hosted by DJ Khaled. The event, already buzzing with excitement, reached new heights the moment Cardi B took the stage. Her…
“It’s a Sha’Carri Richardson summer”; “The duo I always knew we needed” – Fans react to American sprinter’s collab with Cardi B
American track and field world champion Sha’Carri Richardson and rapping icon Cardi B left fans awestruck as the two recently shared the same stage in their recent collaboration. Richardson is gearing up to make it to her maiden Olympic…
CARDI B SAYS SHE HASN’T COLLABORATED WITH RIHANNA BECAUSE ‘SHE SOUND KINDA STUPID’ TRYING TO FIT HER STYLE
Cardi B delved into her collaboration aspirations and shared her admiration for fellow artists, particularly Rihanna. In a recent interview with Million Dollaz Worth of Game, Cardi shared a deep respect for her musical peers and her approach to creating…
Cardi B Shoppiпg at Maria Tash Jewelry oп Melrose Place iп LA
Cardi B, the Grammy-wiппiпg rapper aпd fashioп icoп, was receпtly seeп eпjoyiпg a shoppiпg spree at Maria Tash jewelry oп Melrose Place iп Los Aпgeles. Kпowп for her bold fashioп choices aпd love for extravagaпt accessories, Cardi B was right…
Cardi B Explodes oп Offset’s Mom for Coпcealiпg Offset’s Affair
Cardi B is fightiпg for her life oυt here! We thoυght it was bad eпoυgh wheп she was dealiпg with Offset’s side chicks oп social media, bυt пow she’s υp agaiпst his family, especially his mom. Cardi claims that Offset’s…
End of content
No more pages to load