Information reaching Kossyderrickent has it that NFT purchased by Logan Paul for $623K is now worth $10.
Logan Paul’s NFT project CryptoZoo was one of the most hyped releases so far.
Despite the initial buzz, his fans have been left asking questions.
Many are wondering if they will get refunded from their investment.
It’s been months since he said he would repay them, however he has gone silent since.
It’s a valuable lesson to always do your own in depth research. Best known for his highly successful YoutTube career and high-profile boxing matches, Logan Paul is no stranger to NFTs. In December 2021, Logan said he spent a staggering $2.7 million on his NFT collection, which features hundreds of digital collectibles from some of the most prominent NFT projects. With the crypto downturn in full effect, most NFTs saw their valuations dwindle by 90% or more, leaving most investors in the red.
However, one particular NFT purchased by Logan Paul has to be in contention for being one of the worst NFT investments made to date. Acquired by Logan for $623,000 in August 2021, the Bumblebee image from the 0N1 Force NFT collection has lost over 99.99% of its value since.
NTF for beginners: NFT stands for “non-fungible token.” It is a type of digital asset that represents ownership of a unique item or piece of content, such as a piece of art, a video, or a tweet. Unlike cryptocurrencies, which are interchangeable and can be traded for other assets of the same type, NFTs are unique and cannot be replaced by other assets. For more information on how they work, check out our in-depth overview.
According to their report, which uses numbers from DappRadar, Logan’s NFT portfolio is now worth around $889k. That’s a far cry from the initial $2.7 million he dropped on it in the first place and represents a loss of around $1.8 million.
While some of his bigger items retained a little bit of value compared to their initial price, it’s his lesser-known NFTs that are seemingly dragging the price down. Some collections may have started in the few hundred dollar regions, but are now worth single figures.