This year Justin Bieber lost $1.2 Million from a single NFT. The singer is not the only one to lose out. Do you remember 2021? The bitcoin bull run was in full swing and the NFT community was finally getting the attention it deserved… and then the market went too far.
Without a doubt, NFTs are an innovative, game-changing, and downright disruptive technology. They’re fundamental to the development of web 3.0 and have almost limitless potential within VR and the Metaverse. The technology was (and still is) in its infancy, but in 2021 greed took prevalence above all else.
For those that could afford it, NFTs turned into a status symbol. They signify impressive wealth, and the Bored Ape Yacht Club was the gold standard. Justin isn’t the only big fish to lose out on the Crypto Winter. Logan Paul paid a hefty $623,000 for his prized NFT, which is now said to be worth just $10.
It’s possible these NFTs will bounce back one day. Nevertheless, investing in hype can be a dangerous thing.
Source NFT Plazas