The information reaching CoinDerivant is that the NFT purchased by Logan Paul for $623K is now worth $10.
Logan Paul’s NFT project CryptoZoo was one of the most talked-about releases so far.
Despite the initial buzz, fans are left asking questions.
Many people are wondering whether they will get their investment money back.
It’s been months since he said he would repay them, but since then he has become silent.
It’s a valuable lesson to always do your thorough research. Known for his hugely successful YouTube career and high-profile boxing matches, Logan Paul is no stranger to NFTs. In December 2021, Logan said he spent $2.7 million on his NFT collection, which includes hundreds of digital collectibles from some of the most prominent NFT projects. With the full impact of the crypto recession, most NFTs saw their valuations decrease by 90% or more, putting most investors in danger.
However, one particular NFT purchased by Logan Paul is in contention for being one of the worst NFT investments ever made. Acquired by Logan in August 2021 for $623,000, the Bumblebee image from the 0N1 Force NFT collection has since lost over 99.99% of its value.
NTF for beginners: NFT stands for “Non-Fungible Token”. It is a type of digital asset that represents ownership of a unique object 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. Check out our in-depth overview for more information on how they work.
According to their report, which uses numbers from DappRadar, Logan’s NFT portfolio is now worth approximately $889k. This is a far cry from the initial $2.7 million he earned the first time around and represents a loss of approximately $1.8 million.
While some of their bigger items have retained a bit of value compared to their starting price, it is their lesser-known NFTs that are dragging the price down. Some collections may have started in the region of a few hundred dollars, but are now worth single figures.