Steve Aoki, the world-famous DJ and music producer, made headlines recently after it was revealed he lost a massive $1.6 million on non-fungible token (NFT) purchases.
Aoki Splurges on Hyped NFTs
Over the past year, Aoki spent over $1.6 million buying up trendy NFTs from top collections like Doodles, Cool Cats, and others. This included paying $862,000 for a Doodle NFT and $307,000 for a piece from the ON1 collection.
Caught up in the NFT mania, Aoki dropped seven-figure sums on digital artworks that many critics deemed overhyped.
NFT Values Crash - Aoki Left Holding the Bag
But the NFT market has come crashing down in recent months. The Doodle Aoki paid nearly $1 million for is now valued at just $12,000 based on the collection's floor price. The other NFTs have similarly plummeted in value, leaving Aoki down over $1.5 million on his purchases.
Like many other investors, the DJ is feeling the pain as NFTs fall rapidly out of favor. The massive losses highlight the incredible risks in this speculative market.
Aoki "Rekt" by NFTs - But Still Rich AF!
While an average person would be devastated by losing $1.6 million, the uber-wealthy Aoki likely isn't too concerned. With a net worth estimated at $150 million and lucrative DJ gigs, this NFT flop is just a small dent in his fortune.
But for ordinary investors, the steep losses serve as a cautionary tale on the dangers of following hype in speculative markets. While Aoki will be okay, the "rekt" NFT traders left destitute provide a sobering warning.
Don't Let FOMO Make You Aoki's Copycat!
So next time an influencer or celebrity starts shilling some hot new NFT collection, don't let FOMO cloud your judgement! While they get paid and walk away unscathed, average folks get burned copying theirtrades.