Best known for his highly successful YoutTube career and high-profile boxing bouts, Logan Paul is no stranger to NFTs. In December 2021, Logan reported spending 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 crypto-currency 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 in the running to be one of the worst NFT investments made to date. Acquired by Logan for $623,000 in August 2021, the Bumblebee image from the NFT 0N1 Force collection has lost over 99.99% of its value since then.
We’ll explore the background behind the ill-fated NFT that Logan Paul purchased and examine how his other NFT investments have fared this crypto winter.
How Logan Paul’s NFT purchased for $623,000 became essentially worthless.
On August 23, 2021, Logan spent 188 ETH, or $623,000 at historical market value, for a K4M-1 #03 digital image from the NFT 0N1 FORCE collection, better known as “Bumblebee“. Bumblebee is one of 7,777 unique digital art creations that have been pledged to deliver future partnerships with utility, cosmetic and lifestyle brands from the Metaverse.
Well. Just dropped 188 Eth ($623,000) on this 1/1 Bumblebee @0n1Force. Probably nothing pic.twitter.com/AikVh6Mky0
– Logan Paul (@LoganPaul) August 23, 2021
Shortly after the purchase, the NFT craze fizzled out, liquidity plummeted, and the digital collectibles became difficult to sell at sky-high valuations. Having spent huge sums of money on their valuable digital assets, most investors refused to sell them at a loss.
Logan Paul paid $623,000 for this NFT that’s now worth $10 ……
Draw your own conclusions … pic.twitter.com/VCbLVRwpt0
– Wall Street Silver (@WallStreetSilv) September 28, 2022
Things got worse in 2022, as it became clear that the broader crypto market was headed for a crypto winter. NFTs were hit hard, and their valuations fell. About a year after he first tweeted about buying his prized Bumblebee, Logan Paul’s NFT was worth $10 according to the famous Twitter analyst “Wall Street Silver“, which has over 600,000 subscribers. “A year ago, I spent $623,000 on an NFT. Today, it’s worth almost nothing,” confirmed Logan.
A year ago, I spent $623,000 on an NFT. Today, it’s worth essentially nothing.
I’ve immortalized this mistake in 99 Originals with an exact replica helmet & outfithttps://t.co/OzBRdQPxUK pic.twitter.com/srD2h4SgO7
– Logan Paul (@LoganPaul) July 13, 2022
Logan, being 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 that 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 & outfit,” he says. explained.
As of January 6, the highest bid for a polaroid photograph of the NFT image of the Bumblebee is worth approximately $20,800 ETH.
What’s in Logan Paul’s NFT collection?
Having spent millions on NFT over the past couple of years, Logan has amassed quite an impressive collection of digital creations.
His 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||Est. price*||Purchase price||Floor price||Collection||Date of purchase.||Etherscan data|
|CryptoPunk #2294||$330,299||$163,006||$83,308||CryptoPunks||February 25, 2021||Transmission details|
|CryptoPunk #7861||$102,568||$66,684||$83,308||CryptoPunks||February 25, 2021||Transmission details|
|CryptoPunk #4484||$92,206||$47,686||$83,308||CryptoPunks||February 20, 2021||Transmission details|
|Harpik with three horns reflected||$23,125||$291,600||$5,619||VeeFriends||January 11, 2022||Transmission details|
|K4M-1 #03||$9,934||$623,136||$800||0N1 Force||August 23, 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 tried his hand at producing a blockchain game that uses NFT-based animals called CryptoZoo. Recently, serious allegations were made against the CryptoZoo team by a popular Youtuber by the name of CoffeZilla, who is known for his videos in which he investigates online scams around digital currencies, Web3 and DeFi. Logan denied the allegations that CryptoZoo is a “scam” and threatened to sue Coffezilla for defamation.
Regardless of your opinion of Logan Paul’s antics, there’s no denying that he’s made some bold moves in the NFT space. He owns several CryptoPunks, which are one of the most expensive NFTs ever sold, and could see his NFT investment return to the green once the bull market returns.