Best known for his highly successful YouTube career and high profile boxing matches, Logan Paul is no stranger to NFTs. As of December 2021, Logan said he spent a staggering $2.7 million on his NFT collection, which includes hundreds of digital collectibles from some of the most prominent NFT projects. With the cryptocurrency crisis, most NFTs have seen their value drop by 90% or more, leaving most investors in the red.
However, one particular NFT purchased by Logan Paul has to be doubted to be one of the worst NFT investments made to date. Acquired by Logan for $623,000 in August 2021, the Bumblebee figure from the NFT 0N1 Force collection has since lost over 99.99% of its value.
We will examine the background behind the ill-fated NFT that Logan Paul bought and examine how his other NFT investments have fared this crypto winter.
How Logan Paul’s NFT bought for $623,000 became essentially worthless.
On August 23, 2021, Logan spent 188 ETH, or $623,000 historical market value, for a digital image K4M-1 #03 from the NFT 0N1 FORCE collection, better known as “Bumblebee“. Bumblebee is one of 7,777 unique digital art creations that have been promised to deliver future partnerships with utility companies, cosmetics and lifestyle brands across the Metaverse.
— Logan Paul (@LoganPaul) 23 August 2021
Shortly after the purchase, the NFT craze died down, cash plummeted, and digital collectibles became difficult to sell for sky-high values. After spending huge sums on their valuable digital assets, most investors refused to sell them at a loss.
Logan Paul paid $623,000 for this NFT now worth $10…
Draw your own conclusions… pic.twitter.com/VCbLVRwpt0
— Wall Street Silver (@WallStreetSilv) 28 September 2022
Things got worse in 2022 when it became clear that the broader crypto market is entering a crypto winter. NFTs were hit hard and their valuations plummeted. About a year after he first tweeted about buying his precious bumble bee, Logan Paul’s NFT was worth $10 according to the famous Twitter analyst “Wall Street money“, which has more than 600,000 subscribers. “A year ago I spent $623,000 on an NFT. Today it’s worth practically nothing.” confirmed Logan.
A year ago I spent $623,000 on an NFT. Today it is worth virtually nothing.
I’ve immortalized this bug in 99 originals with an exact replica helmet and outfit https://t.co/OzBRdQPxUK pic.twitter.com/srD2h4SgO7
— Logan Paul (@LoganPaul) 13 July 2022
Logan, the shrewd businessman that he is, tried to soften the financial blow a bit by including Bumblebee in his collection of “99 originals“, which includes 99 original Polaroids he took over 99 consecutive days between August and November 2021.” I immortalized this mistake “. “[the Bumblebee NFT] in 99 originals with an exact replica of the helmet and outfit,” he said. have explained.
As of January 6th, the highest bid for a polaroid photograph of the bumblebee’s NFT image is worth around $20,800 in ETH.
What’s in the Logan Paul NFT Collection?
After spending millions on NFTs over the past two years, Logan has amassed quite an impressive collection of digital creations.
Its crypto portfolio includes NFTs from some of the most prominent projects in the space, including CryptoPunks, World of Women and VeeFriends. In total, the estimated value of all the NFTs Logan owns is over $820,000.
Here’s a look at some of the most valuable NFTs in Logan Paul’s collection:
|NFT||East. price*||Purchase price||Floor price||Collection||Date of purchase.||Etherscan data|
|CryptoPunk #2294||$330,299||$163,006||$83,308||CryptoPunks||25 February 2021||Transmission details|
|CryptoPunk #7861||$102,568||$66,684||$83,308||CryptoPunks||25 February 2021||Transmission details|
|CryptoPunk #4484||$92,206||$47,686||$83,308||CryptoPunks||20 February 2021||Transmission details|
|Reflected three-horned resin||$23,125||$291,600||$5,619||VeeFriends||11 January 2022||Transmission details|
|K4M-1 #03||$9,934||$623,136||$800||0N1 Strength||23 August 2021||Transmission details|
*Price estimate by DappRadar based on NFT attributes and historical market activity.
Final Thoughts: Logan Paul’s NFT Controversy
In addition to investing in NFTs, Logan has been involved in producing a blockchain game that uses animals based on NFTs, called CryptoZoo. Recently, serious allegations were made against the CryptoZoo team by a popular Youtuber named CoffeZilla, who is known for his videos investigating online scams around digital currencies, Web3 and DeFi. Logan denied claims that CryptoZoo was a “scam” and threatened to sue Coffezilla for defamation.
Regardless of your opinion of Logan Paul’s escapades, there’s no doubt that he’s taken some bold steps into the NFT space. He owns several CryptoPunks, which is one of the most expensive NFTs ever sold, and could see his NFT investment back in the green when the bull market returns.
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