Musicians were among the many celebrities and investors who jumped into NFTs in 2022. But after crypto winter set in, most are certainly rethinking their investments. These four were among those taking the biggest hits:
The rapper spent $7.09 million on an NFT called Right-click and Save as Guy, which is said to be the record for a celebrity NFT purchase. While the rare NFT has held its value in ETH, the currency itself fell more than two-thirds last year, pulling the actual value of the purchase down with it.
According to OpenSea, Snoop Dogg also owns a Crypto Punk NFT, which he purchased for $1.1 million and is currently valued at $688,251.
The DJ and producer’s large portfolio of over a hundred NFTs is hard to track, but the eight Bored Ape NFTs he purchased have lost up to 80% of their value in the last year. One of the “Doodles” NFTs that he bought in January for about $346,000 is now worth only $42,000, according to DappRadar estimates.
The Biebs bought his own Bored Ap[e NFT for $1.3 million, which last month was valued as low as $70,000.
In October 2021, DJ Marshmellow paid $1.4 million for the NFT KajuKing #1680. The top offer for it on OpenSea last week was just over $1000.
DJ Marshmellow has a large portfolio of NFTs listed on OpenSea that has fallen sharply in dollar value.
Bruce Houghton is the Founder and Editor of Hypebot and MusicThinkTank, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a professor for the Berklee College Of Music.
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