Logan Paul’s $623K 2021 NFT is now worth $10, here’s why

by James · October 10, 2022

Logan Paul’s 3K 2021 NFT is now worth , here’s why

American YouTube star Logan Paul is known for spending his money on extravagant things. In August 2021, The Maverick invested over $620,000 in Azuki’s Bumblebee NFT (non-fungible token). Now it’s priced at just $10. Logan has spent over $2 million on NFTs in the last year or so. Azuki’s NFT remains his most expensive purchase so far. Unfortunately for the charismatic social media star, his investment dropped by 99%, rendering his acquisition pretty much worthless.

The Azuki NFT collection is considered to be one of the most “precious” collectibles on the market due to its creativity and labor-intensive production. However, due to the crypto currency crash, Logan’s purchase saw a drastic drop in value.

Logan incurs heavy losses (Image via LinkedIn)

Why did Logan Paul’s NFT crash?

To understand the main reason behind Logan Paul’s failed venture, one must be familiar with the term “Crypto Winter.” The term is used to describe a period in the market where asset prices are at a record low level for an extended period of time.

Cryptocurrency Winter has had an effect on a number of NFTs, with many digital acquisitions now shedding more than two-thirds of their starting prices in recent months. Logan Paul is one of many unlucky investors who have suffered a huge loss due to the market crash.

Regardless of the loss, it hasn’t deterred Logan Paul from his NFT ventures. In fact, he recently finished his collection of 99 originals that have brought him millions of dollars in profits. In a July 2022 tweet, the creator said:

A year ago I spent $623,000 on an NFT. Today it is worth practically nothing. I have immortalized this mistake in 99 originals with an exact replica helmet and outfitoriginals.com

In a tweet, Logan Paul revealed that he had created an exact replica of the Bumblebee helmet graphic found on Azuki’s NFT, adding that the helmet set him back another $20K.

Interestingly, the Azuki NFT is not the only loss Logan has suffered. In August 2021, the 27-year-old also revealed that he had purchased Genesis Rocks #65 and #68 for a total of $155K. The former is valued at just $25.

Fans react to Logan’s loss

Like Logan’s business partner and fellow creator KSI, the former has apparently made a habit of making poor decisions when it comes to NFTs. Seeing the incredible loss, fans shared these reactions:

@LoganPaul @0n1Force I like the idea of 99 originals, I just don’t understand the value in them, I love to buy things myself, but I can take the same picture what is the difference between my picture and yours, please answer because I don’t understand

@LoganPaul @0n1Force You sold 10,000 CryptoZoo NFTs for about $400 each and you ghosted the entire project ever since. You made good money on it and we lost everything. EVERYTHING. Just because we believed in you.

@LoganPaul @0n1Force Hi Logan, I also lost a lot of money. Nothing compared to you, but my mom went through expensive hospital treatment and I guess I got caught up in the hype. Told her I wanted to double our savings but I’ve lost it all. Probably shouldn’t have followed your financial advice.

@LoganPaul @0n1Force So you lost your money on a junk NFT and now want people to buy your junk NFTs so you can make your money back? God bless the idiots who go for this….

@LoganPaul @0n1Force Really sad to see this! First, it’s not true, there is still value in the beautiful and rare 0N1! I would like to know the real intention behind this post and why posting it now when the project is actually picking up again….

Logan is believed to have invested over $2.6 million in over 4.5,000 NFTs. While he may have suffered few losses, his other business ventures like Prime Hydration and 99 Originals have brought him a truckload of profits.