Justin Bieber And Michael Jordan Among Celebrities Impacted By NFT Slump Amid FTX Collapse - Investopedia

Justin Bieber And Michael Jordan Among Celebrities Impacted By NFT Slump Amid FTX Collapse – Investopedia

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The FTX collapse has actually sent out shockwaves to the non-fungible symbols (NFTs) globe, also, as celeb capitalists like Michael Jordon as well as Justin Bieber have actually started to endure substantial losses in the worth of their trademark electronic antiques as well as holdings.

Key Takeaways

  • The NFT market is decreasing in worth amidst the marketplace downturn induced by the collapse of the FTX cryptocurrency exchange.
  • Several star NFT financiers and also endorsers have actually been influenced, consisting of specialist athletes, entertainers, and also cover girls such as Michael Jordan, Justin Bieber, as well as Tom Brady.
  • The flooring costs of all significant NFT collections have actually stopped by considerable quantities from their all-time highs previously in 2022.

Michael Jordan Loses Over 90%

Former NBA celebrity Michael Jordan is the most recent target, as the basketball tale’s “6 Rings” NFT collection had actually shed majority of its worth by mid-November. He launched his very own NFT collection in March 2022, with 5,000 non-fungible symbols offered to acquire. The collection was released on Solana-based systems HEIR and also MagicEden.

The Solana network, backed by Alameda Research, a crypto trading company associated with FTX that is being unwinded, additionally collapsed after the FTX collapse. The indigenous token of the network, SOL, went down 25% in the previous week. This advancement consequently hammered the worth of Jordan’s NFT collection. In March, each NFT was cost approximately 16.99 SOL, however the cost of Solana went down significantly, causing a bottom line of over 92%.

Bieber’s $1.3 million NFT is Now Worth $69,000

Popular vocalist Justin Bieber is one more sufferer of the NFT downturn. In January, he paid 500 ETH or $1.3 million for his Bored Ape Yacht Club (BAYC) NFT, which has actually gone down to $69,000 since Nov. 17 amidst the crypto and also NFT markets’ chaos. The BAYC collection’s flooring cost– the rate of the most affordable NFT in the collection– is 58.1 ETH (Ethereum’s na