Celebrity NFT losses in web3 business

The 10 largest celebrity NFT losses in the Web3 business have been recognized by Bitcoin casinos, with Gary Vee and Logan Paul topping the list of devaluations. This is due to the recent significant decline in the value of Justin Bieber’s NFTs.

NFT celebrities: Logan Paul and Gary Vee are among the worst performers in the Web3 sector

As expected, the NFT market saw a severe decline in 2022, which resulted in significant losses for a number of athletes and celebrities. With a loss of more than $1.2 million, Justin Bieber comes in at number three for the biggest celebrity NFT losses.

Then, with a $3.8 million write-down, Gary Vee had the greatest celebrity loss on a single NFT. In the meantime, Logan Paul’s NFT experienced the greatest devaluation in history, losing 99.9995% of its initial value.

As we all know, the market for cryptocurrencies and NFTs was expanding as of 2022, and many well-known celebrities were investing in it.

Millions were invested in NFTs by celebrities like Justin Bieber, Gary Vaynerchuk, Logan Paul, and many more, but a year later it became clear that many of these choices were regrettable.

A total 88% depreciation of the “Bored Ape Yacht Club” collection during the last two years makes it one among the hardest impacted collections.

Ethereum, a cryptocurrency, has also experienced a sharp 82% collapse, compounding losses for investors.

At the time of purchase, Justin Bieber paid $1,301,550 for NFT number 3001 from the “Bored Ape Yacht Club” collection. Since then, the NFT’s value has decreased by 95.65%, reaching a low of $56,560.

In the NFT market, some celebrities have achieved considerable success, while many others have incurred significant losses. Celebrities who lost hundreds of thousands of dollars in the NFT market include Eminem, Neymar, Snoop Dogg, Madonna, Paris Hilton, Serena Williams, and Marshmello.

When it comes to NFTs, Gary Vee, Logan Paul, Neymar, and others have all suffered losses

Gary Vaynerchuk has experienced a huge drop in value since purchasing CryptoPunk #2140, making him the celebrity with the most loss in a single NFT, despite his initial assertion that NFTs were not a fleeting fad.

Despite his caution that many NFT initiatives would be poor investments, Vaynerchuk remained optimistic about the state of the market as a whole. He was aware that the NFT market’s demise was inevitable given the number of buyers attempting to make quick money on the secondary market.

But he believed that the real value of NFTs would continue to be felt in society as contracts and collections. Logan Paul is currently the largest discounted NFT in the entire world, as a result.

After paying $667,000 for a Bumble Bee NFT, its value plummeted to just $10, representing a 99.9985% loss and resulting in net losses of $660,990. Soccer player Neymar from PSG also experienced the biggest NFT loss.

The NFT lost 89.81% of its value after purchasing Bored Ape Yacht Club #5259 in January 2022 for $569,531, making it currently only worth $58,039 based on the NFT collection’s minimum values.

Through internet tracking tools like OpenSea, prices and sales of celebrity-backed NFTs may be monitored, giving the public an overview of these securities and disclosing any gains or losses.

Gary Vee, Logan Paul, and Neymar have a long-term perspective and think that the NFT industry still has a bright future, despite the challenges it faces and its tremendous volatility. However, the final results have not yet been announced.