American YouTube star Logan Paul is known for splashing his cash on extravagant things. In August 2021, The Maverick invested over $620K in Azuki's Bumblebee NFT (non-fungible token). Now, it is priced at a mere $10. Logan has spent over $2 million on NFTs over the past year or so. Azuki's NFT remains his most expensive purchase as of yet. Unfortunately, for the charismatic social media star, his investment plummeted by 99%, making his acquisition a rather worthless one.
The Azuki NFT collection is considered to be one of the most "prized" collectible NFTs in the market due to its creativity and labor-intensive production. However, due to the cryptographic money crash, Logan's purchase saw a drastic drop in value.
Why did Logan Paul's NFT crash?
To understand the primary reason behind Logan Paul's unsuccessful venture, one has to be acquainted with the term 'Crypto Winter.' The term is used to describe a period in the market where the asset prices are at an all-time low for a prolonged period of time.
Cryptocurrency Winter has had an effect on a number of NFTs, with many digital acquisitions now losing more than two-thirds of their initial prices in the past few months. Logan Paul is one of many unfortunate investors to have incurred a heavy loss due to the market crash.
Regardless of the loss, it has not deterred Logan Paul from his NFT ventures. In fact, he has recently concluded his collection of 99 Originals which has earned him millions of dollars in profit. In a Tweet in July 2022, the creator said:
In a tweet, Logan Paul revealed that he had made an exact replica of the Bumblebee helmet graphic found on Azuki's NFT, adding that the helmet set him back by a further $20K.
Interestingly enough, the Azuki NFT is not the only loss that Logan has suffered. In August 2021, the 27-year-old also revealed that he had bought Genesis Rocks #65 and #68 for a combined total of $155K. The former is valued at only $25.
Fans react to Logan's loss
Similar to Logan's business partner and fellow creator KSI, the former has seemingly adopted a habit of making bad decisions when it comes to NFTs. Seeing the incredible loss, fans shared these reactions:
It is believed that Logan has invested over $2.6 million in over 4.5k NFTs. Although he may have suffered few losses, his other business ventures such as the Prime Hydration and 99 Originals have landed him with a truck load of profit.