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All of the celebrities who jumped on board the NFT hype may now be regretting their choices as it emerged Justin Bieber’s $1.31 million purchase has utterly plummeted in value.

Much like the wider cryptocurrency industry, which is facing a massive crash at the moment, NFTs, or non-fungible tokens, are part of the new and unregulated sector which can make them a volatile asset to possess.

But, that didn’t stop a number of celebrities from getting on board with NFTs as everyone from Paris Hilton and Lindsay Lohan to Snoop Dogg and Lionel Messi seemed to be involved in investments.

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Another celebrity who purchased one is Canadian singer Justin Bieber, who reportedly spent around $1.31 million on an NFT from the popular Bored Ape Yacht Club collection in January. Today the same NFT is valued at just $74,382.

At the time of the purchase, some in the community questioned why the singer spent so much on his NFT and now it would seem they had the last laugh.

But, others suggested the price was justified given the NFT’s rarity ranking of 9,810 based on the features and traits of the NFT.

As with crypto at the moment, the NFT market is also finding itself on a difficult course. According to data, Bored Ape Yacht Club saw its sales drop by 74.48 per cent in the space of 24 hours with the number of transactions in just double digits and the majority of those being people selling their assets.

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