JJ Lin Loses 91% In NFT Real Estate Investment On Decentraland
One of Singapore’s most iconic superstars, JJ Lin, frequently makes headlines for a number of reasons.
Source: @jjlin on Instagram
Be it accidentally keeping 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 again — albeit for a rather unexpected and not-so-flattering reason.
He had apparently suffered a loss of about 91% after purchasing three virtual real estate properties.
JJ Lin incurs 91% loss from NFT investment
Back on 23 Nov 2021, Lin announced via Twitter that he had purchased three virtual plots of real estate as non-fungible tokens (NFTs) via Decentraland.
Source: JJ Lin on Twitter
A 3D virtual world, the platform allows users to purchase virtual plots of land as NFTs using the MANA cryptocurrency.
According to 99.co, Lin had bought the three plots for 6,000 MANA each. At the time, this translated to about US$30,000 (S$40,000) apiece.
With each pixel being 52.5 sq ft, Lin forked out around S$760.70 per sq ft for the land.
Source: 99.co
Unfortunately, his investment seems to have failed in panning out.
Local media in China reported that the value of his virtual properties has allegedly dropped in value by about 91% and are now worth only US$10,000 (S$13,000).
In response, the singer posted a picture of his wallet on Weibo, cheekily stating, “I heard that many people want to help me with my financial management recently!”
Source: JJ Lin on Weibo
Previous involvement with NFTs
Lin isn’t the first well-known figure from Singapore to dabble in the world of NFTs.
Last year, Singaporean influencer Irene Zhao listed an NFT collection featuring herself in various poses.
Featuring texts such as “Shut up”, “Take My Money”, and “Simp”, the collection became an instant hit and took just 10 days to generate a staggering S$7.5 million in sales.
Then, in March last year, Reform Party’s former chairman Charles Yeo also launched his own NFT collection to raise funds for legal fees.
The world of cryptocurrency and NFTs can sound very exciting indeed. But as Lin’s experience has shown, it can also lead to devastating results if one is not careful.
Fortunately for Lin, this loss is likely to be negligible to him as the artiste is now on his JJ20 World Tour and set to release his 20th anniversary album soon.
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Featured image adapted from JJ Lin on Instagram and Weibo.
