Logan Paul Reveals His $620K NFT Worth “Nothing,” Immortalizes Mistake
Logan Paul, an American YouTuber, actor, and social media personality, has suffered a $623,000 loss due to his investment in a non-fungible token (NFT) that is currently worth nothing.
The NFT is part of the Azuki collection, a set of 10,000 avatars released by a Los Angeles-based group of artists. The collection has taken a big hit amid the recent crypto market downturn and dwindling interest in NFTs.
Paul’s $620K Loss
Like many other people, the popular YouTuber jumped on the cryptocurrency bandwagon last spring when the prices of most assets skyrocketed.
Several months later, he too joined the NFT craze, spending more than $2.5 million on said art. The pearl of his purchase was an item from the Azuki collection, which he purchased for $623,000.
However, the unstable condition of the cryptocurrency industry and the niche of NFTs have caused the YouTube star serious financial losses, at least on paper.
As Paul recently revealed, the Azuki NFT is currently trading at $10, a severe drop that caused controversy among the crypto community.
Many Twitter users mocked the celebrity for his decision to interact with non-fungible tokens at a time when there was obvious hype in the space. Others claimed that digital collectibles are scams and that people should stay away from them.
However, some believe that the price collapse is due to the ongoing bear market and that its valuation will head north once the next bull run hits.
It is worth noting that when you purchased the items, NFT transactions were at their peak. At one point last summer, OpenSea’s trading volume surged to over $500 million in a single day, while in recent months it has struggled to break above $10 million.
Paul Immortalizes the Mistake
The YouTuber also said that he has “immortalized” his mistake by creating 99 Original NFTs “with an exact replica helmet & outfit.”
He further commented that the helmet shown in the new NFT cost $20,000 and took almost two months to make. It was made by the person who built the helmet for American music producer and DJ Marshmello.
During the time the American YouTuber tweeted about it, the price of most NFTs had gone down. However, 2021 was an exciting year for NFT artists and holders, because their value instantly increased. As of now, Logan has a 16.69 ETH BUMBL3BEE-inspired NFT worth around $21,000.