The NFT (non-fungible token) market crashed in 2022, with some experts estimating that investors would see at least $100 million in losses. NFTs – digital collectibles bought and sold online – are also vulnerable to theft and fraud. Many experts are warning investors to be cautious when investing in NFTs, as the potential losses could be significant. (These are 20 of the biggest cryptocurrency scams of the past year.)
It turns out that a number of well-known people have lost substantial sums of money through their NFT investments. To compile a list of the biggest celebrity NFT losses, 24/7 Tempo reviewed research conducted by BitcoinCasinos, a cryptocurrency gambling information and review site, which used data from such platforms as OpenSea.
Most of the losses recorded here came through investments in the Bored Ape Yacht Club, an NFT collection built on the Ethereum blockchain. The value of the collection dropped 88% in 2021 and ‘22 – and Ethereum itself has taken an 82% dip.
Click here to see the biggest celebrity NFT losses
The biggest loser in the NFT game, however, to the tune of almost $4 million, made his investment in a single token from another collection, CryptoPunk #2140, also built on Ethereum. That was Gary Vaynerchuk, better known as Gary Vee – co-founder of Resy, the restaurant reservation service now owned by American Express, and of Empathy Wines, as well as a digital marketing and social media specialist, and the creator of two NFT series himself, VeeFriends1 and VeeFriends2.
Another investor who lost a substantial amount was Christopher Comstock, the electronic music producer and DJ known professionally as Marshmello, followed closely by pop star and teenage heartthrob Justin Bieber. (Neither is likely to be financially devastated by his loss, but here is a list of 32 embarrassing celebrity bankruptcy scandals.)
10. Serena Williams
> Known as: Tennis champion
>NFT losses (from purchase date to July 2023): $56,162
[in-text-ad]
9. Paris Hilton
> Known as: Media celebrity
>NFT losses (from purchase date to July 2023): $230,453
24/7 Wall St.
8. Snoop Dogg
> Known as: Rap star
>NFT losses (from purchase date to July 2023): $309,531
7. Eminem
> Known as: Rap star
>NFT losses (from purchase date to July 2023): $396,983
[in-text-ad-2]
6. Madonna
> Known as: Pop star
>NFT losses (from purchase date to July 2023): $401,085
5. Neymar Jr.
> Known as: Brazilian soccer star
>NFT losses (from purchase date to July 2023): $511,492
[in-text-ad]
4. Logan Paul
> Known as: Professional wrestler, media celebrity
>NFT losses (from purchase date to July 2023): $666,990
24/7 Wall St.
3. Justin Bieber
> Known as: Pop star
>NFT losses (from purchase date to July 2023): $1,244,990
2. Marshmello
> Known as: Electronic music personality
>NFT losses (from purchase date to July 2023): $1,399.35
[in-text-ad-2]
1. Gary Vaynerchuk (Gary Vee)
> Known as: Entrepreneur
>NFT losses (from purchase date to July 2023): $3,821,658
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.