FxBrokerReviews.org – In the last year, content creators and celebrities entered the crypto market, when the prices of digital assets were considerably skyrocketing. One of the international influencers, who jumped onto the NFT bandwagon was American Youtuber turned boxer, Logan Paul.
In August 2021, The influencer invested over $620K in Azuki’s Bumblebee NFT (non-fungible token) and it has been one of the most expensive purchases yet. The Logan Paul NFT – belonging to the Azuki NFT collection– is considered one of the market’s most “prized” collectible NFTs due to its creativity and labor-intensive production.
Unfortunately, things spiraled for him, when his NFT purchase plummeted by 99%, leaving the Azuki NFT trades at $10 currently. According to the Youtube star, it has been one of the most expensive NFT for him as he acquired it for $623,000.
Read this guide below to know the full story of how and what went wrong with the Logan Paul NFT case and how you can avoid doing the same mistake. We’ll explore the price of the NFT, and several marketplaces and look at some of Logan Paul’s NFT collections.
Logan Paul’s NFT investment
It all started in 2021 when popular NFT collections like the Bored Ape Yacht club surged in fame and prices. Paul ran an NFT sale, with the help of Forj, a company that mainly focuses on the mass adoption of Web3 and NFT tech. He priced each of his 3,000 NFTs at 1 ETH.
Later, he made NFTs of his Pokemon card collection, which sold out quickly in the NFT marketplace. In December 2021, Logan purchased the most expensive NFT – the Azuki NFT due to the decline in NFT prices.
What is the Logan Paul NFT?
The creator purchased a token from the Azuki NFT collections. These NFT collections are considered to be a prized possession and a status symbol as it includes 10,000 hand-drawn avatars that are strikingly different from the other digital artworks.- it is somewhere similar to other famous NFT collections like the Bored Ape Yacht Club.
Logan Paul’s NFT investment takes a plunge
The interest in the NFT collection saw a dramatic fall and hence Logan’s purchase saw a drastic fall in value. Moreover, at the same time due to a market crash and the shaking condition of the cryptocurrency and the NFT market, the Logan Paul NFT price had fallen sharply.
As early as July 2022, the international expert Wall Street Silver, confirmed that the NFT that Logan Paul bought for over $600,000 is reduced to a worth of $10. The youtube influencer, even took to Twitter to announce the value of his once-purchased NFT, had fallen sharply, confirming that it was worth practically nothing.
Logan Paul was mocked by various users all over the NFT community, for his decision and expensive purchase. More so he was also claimed of buying and interacting with non-fungible tokens at a time when there was evident hype in the space. While some people also believe that the cause behind the unfortunate investment was due to the ongoing bear market and that its valuation may head north once the next bull run steps in.
Logan Paul NFT collections
Not only this, but the Influencer has also faced a setback in his other NFT collections. He has recently concluded his collection of 99 Originals which had earned him millions of dollars. In a tweet, he mentioned that he had made an exact replica of the Bumblebee helmet graphic on Azuki’s NFT which has made him an additional loss of over $20K.
Furthermore, the Azuki NFT is not the only loss that Logan has suffered. In August 2021, he bought Genesis Rocks #65 and #68 worth $155K, which is valued at only $25.
Why did the Logan Paul NFT price crash?
To understand the reason behind Logan Paul’s unsuccessful NFT investment, it is necessary to understand the term ‘Crypto Winter.’ It is used to describe a period in the market where asset prices are at an all-time low for a very long time in the NFT marketplace.
In a worst-case scenario for NFT investors, a long-term cryptocurrency winter could lead to a continued lowering of the asset value, till the time they approach zero.
Cryptocurrency Winter has shown adverse reversals on several well-known NFTs. In fact, in some cases, digital tokens have shown a record of losing more than two-thirds of their initial prices in just a span of a few months. Logan Paul’s NFT collection was one of the many unfortunate investments to face the heavy loss due to the market crash.
While there have been several downfalls in the past, for example, from late 2017 to December 2020, the crypto and NFT prices fell significantly, witnessing major financial losses, similar to Logan Paul. The December 2020, Cyptowinter, peaked the prices and exploded to record highs in a significant crypto bull market.
In 2021, Crypto winter, not just Logan Paul, but various other celebrities who invested in NFTs suffered a huge loss. Take a look below at the list;
Celebrities that have lost NFT investments
Music sensation and rapper Eminem is one of the celebrities, who lost out on his NFT investment. At the beginning of this year i.e. January 2022, the American rapper purchased, the popular NFT collection token of Bored Ape Club – Bored Ape 9055 for 123.45 ETH, which converts to about $462,000 at the time. As of now, the Nonfungible token stands at a worth of around $102,000.
Steve Aoki, is also a popular name in the NFT marketplace and culture. The American DJ is the owner of the – Bored Ape Yacht Club Ape #8716 and the Doodle #2238. Aoki acquired the latter NFT for a price of $862,056, which converts to 269.69 ETH. However, as of now, the token is worth $351,179, which is less than half the original amount.
One of the world’s most popular and celebrated athletes, Neymar, like Eminem, made his first NFT purchase this year in January. The Brazilian soccer player paid over $1 million for two Bored Ape Yacht Club non-fungible tokens. The two pieces are currently worth less than $350,000.
Snoop Dogg is a popular name in the NFT space. He is quite active and considered to be one of the biggest contributors to web3 and NFTs among celebrities. The rapper still fell victim to the shaking of the crypto market. In December 2021, he purchased XCOPY’s Right Click and Save As guy for 1,600 ETH, which converts to $7,088,229 at the time. But due to the drop in the value of Ethereum, the same artwork is currently worth $2,083,456, which is less than 2/3rds of its. original value.
Logan Paul’s new NFT marketplace
For fans who were wondering where to buy the Logan Paul NFT, the social media creator, launched its NFT marketplace as his latest venture and it isnt incorrect to say that it comes with a unique twist and value that is unlikely to find in oter marketplaces. With the marketplace you can turn physical items into tokens that can be traded 24 hours a day, 7 days a week.
Logan Paul’s NFT marketplace, is named as Liquid Marketplace has raised $8 million in funding and is already drawing curiosity among investors. The marketplace comes with plans to democratize the ownership of rare and collectible items for everyday people.
Announcing the launch on twitter, the influencer claimed that the marketplace will allow anyone to co-own an NFT token or collectible of their choice. Furthermore, the users can even buy the tokens, based on the Ethereum blockchain, which represents a stake in the physical item.
All the tokens in the marketplace are stored in a physical vault, of the marketplace itself, so that emits the hassle of registering with a crypto wallet separately. Next, Logan Paul’s marketplace also supports authenticating and appraising the digital items, according to their website.
At the time of the launch of the marketplace, fans were even given a chance to own Logan Paul’s personal NF collection, including the WOTC Pokémon 1st Edition Base Set Booster Box, a PSA 8 Pikachu Illustrator, a 2013-14 National Treasures #130 G. Antetokounmpo Autographed Jersey Patch Rookie Card and NFT CryptoPunk #6837.
Are you interested in investing in the marketplace? Then read below to know the detailed steps on how to buy Logan Paul NFT.
How to buy Logan Paul NFT collections?
Logan Paul’s 99 Originals NFT is a collection of 99 polaroids from his adventures around the world. The youtuber claims them to be the “most significant moments of my life captured on tangible film.” If you are wondering where to buy them, here’s how you can buy his 99 Originals NFTs and the cost of each one.
The NFT collection of Logan Paul, is available for his fans to buy on his NFT marketplace as well as Opensea. Users can go to any of the two platforms to purchase the NFT collection.
Read our blog on how to buy NFTs on Opensea for more information.
The entire system is powered by blockchain network and the platform allows investors to purchase pieces of rare, high-value items with both crypto as well as the government-backed fiat currencies.
The Pro Exchange feature allows users to buy, sell, and trade your ownership interests with other users at any time within the platform. To buy the NFTs all the tokens are displayed in the Offerings tab, which you will find in the Liquid MarketPlace. Here collectors can either fully purchase the tokens or get partial ownership of the same. Moreover, the platform also uses gamification technology that helps in creating an engaging experience for all its users.
Initially, the platform only focused on the high valued trading cards, but now, owing to the response and popularity, Liquid MarketPlace introduces new categories of NFT collectibles every 2-3 months as it expands its user base globally.
What happened with American Youtuber and social media influencer can be an example of an unfortunate investment decision, as well as a term known as the Crypto winter. The significant fall in the NFT value, was not just the case with Logan Paul as several other celebrities, like Snoop Doog, Eminim, Neymar and more have incurred losses due to a plunge in the NFT marketplace.
Therefore, forex broker reviews, advise you to always carefully make decisions when it comes to investing in NFTs. while you may not be investing in such high amounts, even a slight price change can cause you a loss.
Q1. How much is Logan Paul NFT worth?
Ans : When the influencer had purchased the NFT, the value of the token was over $620k, but due to a shift in the crypto market, the worth of Logan Paul’s NFT has reduced to $10.
Q2. What is Logan Paul NFT?
Ans : Logan Paul who is known for spending millions on extravagant things, purchased an NFT collection in August 2021. He invested over $620K in Azuki’s Bumblebee NFT (non-fungible token). But now, the trade value of the NFT is priced at a mere $10.
Q3. Does Logan Paul have a NFT marketplace?
Ans : Yes, earlier this year the youtube and boxer, logan paul, launched his own NFT marketplace – Liquid Marketplace, that allows users to co-own tokens and trade them 24×7, all days and 5 days a week.
Q4. Should I buy NFTs?
Ans : NFTs have become a great investment opportunity for any trader. It can tokenize any physical asset and then allow its sale globally. More than it also providea a unique ownership. If you have the ability to attract the highest bids during sale you sell an NFT at a higher price than you bought it.