Justin Bieber suffered a $1.2 million loss from a single NFT this year. Losers don’t just include the singer. Recall the year 2021? The NFT community was finally receiving the attention it deserved as the bitcoin bull run was in full force. suddenly the market became uncontrollable.

NFTs are unquestionably a cutting-edge, revolutionary, and downright disruptive technology. They’re essential to the growth of web 3.0 and have virtually endless possibilities in virtual reality and the metaverse. Although the technology was still in its infancy in 2021, avarice took precedence above all other considerations.

For those with the means, NFTs became a sign of prestige. They represent incredible riches, with the Bored Ape Yacht Club serving as the benchmark. The Crypto Winter has not been kind to all the big fish, including Justin. The prestigious Azuki that Logan Paul paid a whopping $623,000 for is now reportedly only worth $10.

It’s feasible that these NFTs will eventually recover. However, making investments based on hype might be risky.