- NFTs continue to follow a downtrend despite cryptocurrency’s relative stability
- Biggest celebrities subjected to huge NFT losses in last few years
In the last few years, the cryptocurrency industry has grown enormously, with several of its products also rising. One of those innovative projects is NFTs, virtual objects powered by blockchain technology. Due to blockchain technology, it becomes almost impossible for anyone to replicate or cause damage to those NFTs. These NFTs can be of several types, from video, painting, video games, memes, or other categories. Regarding creativity, the domain of NFTs is considered an ideal place for it. However, NFTs still have never truly maintained their growth which was exfoliating during 2021. During that time, the craze for NFTs was larger than other commodities across the crypto space. Since then, many people have lost huge sums of money through NFT investments. In this article, you will learn about the biggest losses in the Web3 industry.
The popularity of NFTs among the global celebrities
When it comes to NFTs, it has garnered the most attention from various parts of today’s entertainment industry. Specifically, people particularly fond of trading digital currencies have some artwork on them. They are the ones who choose NFTs; thus, celebrities across our industry have taken the most liking to this technology.
Snoop Dogg, Shawn Mendes, Jack Dorsey, and Justin Bieber are some examples who have taken a significant interest in NFTs. Although NFTs have been around in the crypto market since 2015, it was only in the last two years that people started to like them.
Moreover, the tremendous rise of cryptocurrency adoption across global markets has made NFTs noticed. Most importantly, NFTs allow people to own digital assets, a relatively new concept. Thus, there are plenty of things that NFTs have brought as a new spectrum across the crypto space.
List of NFTs that lost the most value in the Web3 industry
Since early 2022, the NFT market valuation has continued to slide down due to controversies surrounding it. Hence, it is quite evident that many celebrities have faced huge losses because of it.
- The first tweet of Jack Dorsey
Twitter’s former CEO and co-founder craved an NFT out of his first-ever tweet. He took the image of the five-word tweet, turned it into a digital file, and stored it in a blockchain. This created a lot of buzz in the market as the concept of NFT first made it through. Later, this NFT was sold for almost $2.9 million, but now its valuation is as little as $280.
- Bored Ape Yacht Club
The board ape yacht club is one of the most popular NFT collections. It has different profile pictures of apes built over the Ethereum blockchain. However, celebrities like Justin Bieber and Neymar, who purchased this NFT collection, have lost half of their money invested in them.
Conclusion
Although the NFTs market continues to project downwards, the positive sentiment surrounding them remains. Many celebrities who have previously invested in those NFTs believe they might increase in value later.
Therefore, people are in for a long-time regarding trust in NFTs.
