Why Did Justin Bieber Spend $470,000 on a Monkey NFT?
Bieber recently bought Bored Ape #3850 for 166 ETH, around $470,000. This wasn’t a one-off splurge; just a week earlier, he purchased Bored Ape #3001 for 500 ETH—approximately $1.3 million, paying 300% above its market value. Bieber’s fascination with NFTs, particularly those from the Bored Ape Yacht Club, demonstrates his deep dive into this emerging digital asset class.
What Is Bored Ape NFT Yacht Club?
The Bored Ape Yacht Club is a collection of over 10,000 unique NFTs living on the Ethereum blockchain. Purchasing one grants membership to an exclusive community with perks like access to “The Bathroom,” a virtual graffiti board for members. With more than 6,300 owners, Bieber is far from alone in his admiration for this collection.
How Risky Are Expensive NFTs?
Investing in NFTs, like cryptocurrencies, involves significant risks. While some NFTs sell for millions, their value can plummet if interest wanes. Ownership is exclusive, with the asset stored in your online wallet, but the market’s volatility makes it a gamble. For example, Christie’s auctioned an NFT for over $69 million, yet finding future buyers could be challenging if demand decreases.
Which Other Major Investments Has Bieber Made?
Bieber doesn’t just invest in NFTs. His portfolio includes startups, luxury cars, and real estate. He recently sold his Beverly Hills home for $8 million, upgrading to a $30 million Amsterdam apartment. This three-story property in the heart of Amsterdam comes with a private lift, a butler, and even Dutch royalty as neighbors.
Alternative NFTs with Potential
If you’re considering entering the NFT space, there are plenty of options beyond Bored Apes. Platforms like Twitter and Discord are hubs for discovering new art, while OpenSea boasts the largest NFT collection. Emerging projects like Bored Bananas and 24px are gaining traction. However, always remember the risks and invest only what you can afford to lose.
