Numerous prominent figures in various industries took a hit in their investments while trying to capitalize on the NFT trend.
Snoop Dogg, for instance, splurged over $7 million on an NFT named Right-click and Save as Guy. Despite its initial high value in Ethereum, the digital currency’s worth plummeted considerably due to a more than two-thirds decline last year. Additionally, his Crypto Punk NFT, bought for $1.1 million, now stands at $688,251, according to OpenSea data.
Paris Saint-Germain star Neymar delved into NFTs in January, spending approximately $1 million on two BAYC NFTs. Presently, the value of his two Bored Apes has plunged to less than $350,000.
Renowned DJ and producer Steve Aoki, while successful in music, witnessed a decline in his NFT investments. Despite diversifying his portfolio, the value of multiple Bored Ape NFTs and over a hundred other NFTs took a significant downturn. One NFT purchased for $346,000 in January now hovers around $42,000.
YouTube personality Logan Paul faced a setback in his NFT ventures. His NFT, once valued at over $623,000, depreciated to a mere $10. Despite this, the devalued NFT represents only a fraction of his vast collection, which saw him spend over $2.5 million the previous year.
DJ Marshmello, a prominent figure in the music industry, joined the NFT trend by acquiring KajuKing #1680 for around $1.4 million. However, nearly a year later, OpenSea data reflects its value at a mere 2137 AU dollars, showcasing a drastic decrease.
These celebrity investment losses underscore the volatility and risks inherent in the NFT market, reminding both enthusiasts and newcomers of the speculative nature of digital asset investments.
