NFT purchased by Logan Paul for $623K is now worth $10

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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.

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