certainly one of Singapore's most iconic superstars, JJ Lin, frequently makes headlines for a number of reasons.
Be it by chance holding a fan's Cartier ring or misreading "Pasir Ris" as "Paris", there's no shortage of memorable moments when it comes to him.
recently, Lin has been trending on social media once more — albeit for a somewhat unexpected and not-so-flattering purpose.
He had interestingly suffered a loss of about 91% after paying for three digital real estate properties.
JJ Lin incurs ninety one% loss from NFT investmentreturned on 23 Nov 2021, Lin announced by means of Twitter that he had bought three virtual plots of real property as non-fungible tokens (NFTs) by means of Decentraland.
A 3D digital world, the platform enables users to buy digital plots of land as NFTs the use of the MANA cryptocurrency.
in keeping with ninety nine.co, Lin had purchased the three plots for 6,000 MANA each and every. at the time, this translated to about US$30,000 (S$forty,000) apiece.
With each pixel being 52.5 sq ft, Lin forked out around S$760.70 per sq ft for the land.
alas, his funding seems to have failed in panning out.
local media in China pronounced that the cost of his virtual houses has allegedly dropped in value by means of about ninety one% and are now value simplest US$10,000 (S$13,000).
In response, the singer posted a picture of his pockets on Weibo, cheekily stating, "I heard that many individuals want to help me with my fiscal management currently!"
outdated involvement with NFTsLin isn't the first ordinary determine from Singapore to dabble on earth of NFTs.
last 12 months, Singaporean influencer Irene Zhao listed an NFT assortment that includes herself in a considerable number of poses.
featuring texts equivalent to "Shut up", "Take My cash", and "Simp", the assortment became an speedy hit and took simply 10 days to generate a marvelous S$7.5 million in income.
Then, in March final year, Reform party's former chairman Charles Yeo also launched his own NFT collection to raise dollars for prison expenses.
the area of cryptocurrency and NFTs can sound very interesting indeed. but as Lin's journey has shown, it could possibly also lead to devastating effects if one is not cautious.
fortunately for Lin, this loss is probably going to be negligible to him because the artiste is now on his JJ20 World Tour and set to free up his twentieth anniversary album soon.
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Featured image tailored from JJ Lin on Instagram and Weibo.
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