The American rapper joins a long list of celebrities who regret investing in crypto.
Grammy-nominated artist Lil Baby revealed his losses during a discussion with music journalist Sway on his radio show Sway’s Universe. The discussion largely focused on how the young rapper had matured since becoming famous.
In addition to being a good father, Lil Baby also expressed his desire to become a successful businessman.
Lil Baby on Crypto: Learning from Bad Investments
Recalling past investments he had made that were unsuccessful, Sway asked Lil Baby if he had similar experiences. While the younger rapper expressed confidence in the investment, describing it as a safer form of gambling, he admitted that it was a learning process. Lil Baby told Sway the following:
“In fact, I lost millions investing in cryptocurrencies. I will make money in cryptocurrencies before I lose it.” Pressed about his current approach to crypto, he said he was “on the back end now.” Despite having his own cryptocurrency team, he said his unavoidable faith in the technology hadn’t convinced him personally. “I’m not sure what’s going to happen to it,” the American rapper concluded.
Celebrity Losses in NFT
Lil Baby is not the only celebrity who has been burned by bad investments in cryptocurrencies. While many celebrities were able to prosper during the non-fungible token (NFT) boom, others cashed in a little too late.
Earlier this week, Brazilian soccer star Neymar realized a $700,000 loss on the NFTs he bought earlier this year. In January, the Paris St-Germain striker bought a pair of NFTs from the Bored Ape Yacht Club for roughly $1 million. Neymar even wore one of them as the profile picture on his Twitter account.
Neymar’s two boring apes are currently worth less than $350,000. Neymar’s other ape sits on his wallet called the EneJayVault.
Several other celebrities who had bought into BAYC-mania earlier this year saw their investments depreciate significantly. These include pop star Madonna and rappers Eminem and Snoop Dogg, who featured BAYC avatars in a release earlier this year.
Considered one of the greatest rappers of all time, Eminem suffered financial damage from his NFT purchases. In January, he bought the Bored Ape 9055 for 123.45 ETH, about $462,000 at the time.
Since then, the price of the token has dropped to $140,000. Not even the actions carried out by the singer around the BAYC ecosystem had an effect. In June, alongside Snoop Dogg, he released a music video in which the two rappers bring their Bored Apes to life.
Despite the fact that fans praised the initiative and the video had more than 56 million views on YouTube, BAYC prices continued to fall. The company behind the collection has taken various initiatives to expand the ecosystem around the Apes. But the collection’s sales volume continues to hit new lows.
To conclude, it is certain that celebrities are not exempt from making bad investments, even in sectors that until recently looked as promising as those linked to web3, the name for the “new” internet that would come from the hand of the metaverse, cryptocurrencies, and other Blockchain technologies. For this reason, it is sensible to do your research thoroughly before investing.
By Audy Castaneda
