Billionaire Michael Jordan Faces 90% Loss in Crypto As Tom Brady, Justin Bieber and Other Stars Suffer Due to NFT Market News

The collapse of the cryptocurrency exchange FTX has taken the non-fungible tokens(NFTs) ventures by storm. The significant drop in value in the NFT market has resulted in huge losses for Chicago Bulls legend Michael Jordan, NFL legend Tom Brady, and popular artist Justin Bieber, among others. Many celebrity NFT investors and endorsers are facing significant losses in NFTs as the floor prices of their signature digital collectibles and holdings dropped at a shocking rate. As a result, Michael Jordan has faced over 90% loss in his NFTs. On the other hand, Beiber and Brady have also suffered significant impacts.

Michael Jordan released his NFT collection called ‘6 Rings’ in March 2022. He made 5,005 NFTs available on Solana-based platforms HEIR and MagicEden. Moreover, the NFTs were initially sold at 2.3 SOL, estimated at around $221 per piece.

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However, things plummeted disappointingly after the Solana network’s native token SOL dropped in value by 25% in the past week after the FTX collapse.

Michael Jordan loses his NFT fortune after the FTX disaster

The prices of Jordan’s collections that reached all-time highs earlier in 2022 have dropped to more than half in value until mid-November. The recent drop in SOL has significantly affected the value of Michael Jordan’s NFT collection. Back in March, an NFT was being sold at 16.99 SOL.

Now, with the shocking drop of Solana recently, Jordan is facing an overall 92% loss. The NFT drop comes as a huge disaster for the six-time NBA champ, who entered the crypto market earlier in the year.

Justin Bieber & Tom Brady deal with huge losses

The drop-down in NFT value has also affected popular singer Justin Bieber. His $1.3 million worth of Bored Ape Yacht Club(BAYC) NFT has plummeted to merely $69,000. Bieber bought the NFTs for 500 ETH, which is equal to over a million dollars. Surprisingly, the price of the cheapest BAYC NFT in Bieber’s collection was 58.1 ETH, i.e., $75,000.

Meanwhile, Tom Brady is also dealing with major losses after the collapse of FTX. He had taken an equity stake in the cryptocurrency exchange platform. Brady and his ex-wife made a huge stake investment in FTX in 2021. He also partnered up with the company’s CEO Sam Bankman-Fried a year before. After the filing of the firm’s bankruptcy, Brady is among other celebrities facing a class-action lawsuit that was filed against the founder of FTX.

Elsewhere, the star-studded Coachella NFTs, sold for $1.5 million, are now disabled on FTX after the company’s collapse. Also, BAYC’s floor price has dropped from $101,834 to $60,873 in the last two weeks. In addition, CrytoPunks has taken a huge hit as their floor price dropped from $103,041 to $79,769 on November 17.

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Thus, the major collapse in the crypt market has affected many celebrities and stars including Michael Jordan, Justin Bieber, and Tom Brady.