Cryptocurrency purchases and digital collectibles are risky investments as they don't always rise in value, something Justin Bieber learned with his recent NFT purchase.
In 2021, NFTs gained huge popularity and were bought by millions of people around the world. Its attraction is that, although it is a digital piece, it is unique and cannot be reproduced. However, its cost can reach billions of dollars.
Under this premise, Canadian singer Justin Bieber bought NFT from the Bored Ape Yacht Club group, which cost him neither more nor less than 1.3 million dollars.
Unfortunately for him, the NFT at the moment is not even close to the original price at which the singer bought it, because as Decrypt points out, the crypto and the token market are clearly in decline.
After the crypto market crash, all NFT values have been affected, and what used to cost over $1.3 million is now only worth $60,000.