Logan Paul’s 2021 NFT is now only worth $10
New York City: Logan Paul, an American YouTube sensation, is notorious for splurging his money on a variety of lavish indulgences. Over 620 thousand dollars was invested by The Maverick in Azuki’s Bumblebee NFT in August of 2021. (non-fungible token). At this time, it may be purchased for a simple ten dollars. Over the course of the last year or so, Logan has blown over two million dollars on NFTs. The NFT that Azuki purchased is, to this day, his most expensive acquisition. The charming figure who rose to prominence on social media had his investment tank by 99 percent, rendering his purchase almost useless in the process.
Because of its innovative design and labor-intensive manufacturing process, the Azuki NFT series is regarded as being among the most “prized” collector NFTs now available on the market. However, as a result of the meltdown that occurred in the cryptographic money market, Logan’s purchase saw a significant decrease in value.
What caused Logan Paul’s NFT to become corrupted?
It is necessary to be familiar with the phrase “Crypto Winter” in order to have a proper understanding of the key factor that led to the failure of Logan Paul’s endeavor. A period in the market when the prices of assets are at an all-time low for a sustained period of time is what is meant when the phrase “bear market” is used to describe the situation.
Cryptocurrency A number of non-traded funds (NFTs) have been negatively impacted by winter, with many digital purchases having lost more than two-thirds of their original pricing over the course of the last few months. The stock market meltdown has resulted in significant financial losses for many investors, including Logan Paul, who is one of those investors.
Logan Paul has not let the setback affect his decision to continue his NFT endeavors. Despite the defeat. In point of fact, he just finished his collection of 99 Originals not too long ago, which resulted in a profit of several millions of dollars for him.
Logan Paul disclosed in a tweet that he had created an identical reproduction of the Bumblebee helmet design that was spotted on Azuki’s NFT. He also said that the helmet cost him an additional $20,000, and he said that it was worth it.
It is interesting to note that Logan’s defeat in the Azuki NFT is not the only setback he has endured. In addition, the 27-year-old said in August 2021 that he had acquired Genesis Rocks #65 and #68 for a combined sum that was equal to $155 thousand. The former is only worth $25 to the buyer.