Hong Kong actor and singer Alex Fong has described losing more on NFTs than he previously lost trading stocks, offering a personal account of how celebrity-fuelled collectible markets turned costly for buyers who entered during the pandemic-era boom.
Speaking on the web program “Chill Good” in October 2026, Fong said he began buying NFTs after purchasing a home, when pandemic restrictions had interrupted his entertainment work and left him without income. He did not disclose the size of the loss and said he had avoided telling his family despite their repeated questions. Fong also recalled buying luxury watches priced at roughly HK$100,000 to HK$200,000 during the same period, though he rarely wore them because he feared damaging them and worried people would notice he was not working.
His comments arrive years after Hong Kong and Asian entertainment figures became a visible part of the profile-picture NFT craze. Celebrity endorsements, public avatar displays and promises of access to concerts, merchandise and private communities helped turn limited digital collections into speculative assets whose prices depended heavily on resale demand.
Fong said starting a family has made him more cautious. He described changing from spending eight or nine dollars out of every 10 he earned to spending about six, and said he had once pursued the prospect of becoming rich quickly before suffering losses.
Celebrity campaigns helped fuel the 2021-22 NFT rush
The strongest period for celebrity-linked NFT projects came in 2021 and early 2022, when profile-picture collections were widely used as social-media identities. A small number of high-value sales and rapid sellouts created an impression that scarce digital avatars could hold or increase their value, particularly when associated with musicians, actors, streetwear labels and sports stars.
Jay Chou’s PHANTACi was among the best-known Asian examples. The streetwear brand and artist Ezek released 10,000 Phanta Bear NFTs in January 2022 at 0.26 ETH each, selling out in 40 minutes. Jay Chou and actor Hannah Quinlivan publicly used the avatars, while singers Ashin and JJ Lin and entrepreneur Edison Chen added to the promotional momentum.
Jay Chou’s music company later said the singer had received a Phanta Bear NFT as a gift from PHANTACi, had no role in the collection’s planning or operations, and received none of its revenue. Buyers paid in ETH, while the issuing side collected minting proceeds and promoted benefits including merchandise, concerts, memberships and community events.
Shawn Yue also became closely associated with the market’s peak. In 2021, he consigned CryptoPunks, Bored Ape Yacht Club NFTs and Meebits from his private collection to Christie’s. CryptoPunk #9997 sold for HK$33.85 million at that auction.
Yue participated in the March 2022 launch of ZombieClub, a 6,666-item collection minted at 0.666 ETH each. Its average trading price moved above 2 ETH shortly after release, reflecting the premium that celebrity association and early secondary-market activity could generate.
That pricing has since disappeared. OpenSea data on Oct. 14, 2026 showed ZombieClub’s floor price at about 0.0064 ETH, around 99% below its original mint price, while 24-hour trading volume stood at zero. A floor price is the lowest current listing in a collection, rather than proof that an item has sold at that level. Zero daily volume shows that visible listings did not translate into recent transactions.
Listings remain, but sales can be absent
The gap between posted prices and actual sales has become central to assessing NFT losses. Owners may list an item at a desired price for months, but they only realize that value if another buyer completes a purchase.
Stephen Chow participated in the 2024 release of “Nobody,” a 10,000-item NFT collection with a reference issue price of roughly 0.195 ETH. Its floor price exceeded 0.8 ETH after trading opened, according to the supplied information. OpenSea showed a floor of approximately 0.02 ETH, or about $50, on Oct. 14, 2026, alongside zero 24-hour volume.
Edison Chen’s 2426C project illustrates some of the operational risks that accompanied celebrity drops. The 2022 RED NVLPE collection brought together Chen’s CLOT brand, tattoo artist Dr. Woo and six other creator groups. The 8,888 NFTs were priced at 0.1888 ETH. Its launch drew complaints over delayed reveals and reports of duplicate NFT deliveries. Public reporting in May 2024 found that the project’s social account had not posted since April 2023.
Taiwanese entertainers also appeared in NFT issuances. Singer Nine Chen released 999 YOLO Cat NFTs with offers including restaurant discounts, concert tickets, community interaction and co-creation opportunities. Show Lo was art director for LION HEART, a 7,300-item collection whose team had previously said it would buy back NFTs if prices fell below 0.1 ETH. Conflicting supply and pricing figures for YOLO Cat across aggregation platforms, along with the absence of verifiable 2026 market data for LION HEART, prevent a reliable comparison of their current performance.
Global stars faced similar resale pressure
The downturn was not limited to Asian celebrity projects. Justin Bieber bought Bored Ape Yacht Club #3001 for 500 ETH in January 2022, valued at about $1.3 million at the time. Decrypt calculated in February 2026 that the position was down roughly 99% using a Bored Ape collection floor estimate of about $12,000. That calculation was an estimate rather than a confirmed sale price for Bieber’s particular NFT.
Kevin Hart’s former Bored Ape #9258 provides a clearer resale record. The comedian bought it through MoonPay for 79.5 ETH in January 2022, worth more than $200,000 at the time. The Block reported that it changed hands several times during a weekend in March 2024 before selling on March 25 for about 13.26 ETH, or $46,200. The ETH-denominated price was about 83% below Hart’s purchase price.
Brazilian footballer Neymar bought two Bored Apes in January 2022 for 189.6 ETH and 159.9 ETH, respectively, according to Boardroom, a combined value of about $1.07 million at the time. Paris Hilton and Jimmy Fallon displayed their Bored Ape avatars during a January 2022 appearance on “The Tonight Show,” placing the collection before a mainstream television audience.
Celebrity participation helped create attention and short-term demand, but it did not create a guaranteed exit market. Fong’s account captures the consumer side of that cycle: buyers drawn in during an era of reduced work, online visibility and fast-rising prices were left exposed when attention moved on and trading activity thinned.
Before following celebrity trends, learn the basics with this clear guide: what are NFTs and how do they work.
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