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

Logan Paul
Logan Paul's NFT drops 99% in price (Image via Sportskeeda)

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.

Logan incurs heavy loss (Image via LinkedIn)
Logan incurs heavy loss (Image via LinkedIn)

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:

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 & outfitoriginals.com https://t.co/srD2h4SgO7

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:

@LoganPaul @0n1Force KSI 🤝 Logan making huge losses in crypto https://t.co/xfXQ4T8jcy
@LoganPaul @0n1Force I like the idea of 99 originals i just dont understand the value in them, i my self love to buy things but i could take the same photo whats the different between my photo and yours please reply as i dont get it
@LoganPaul @0n1Force You sold 10 000 CryptoZoo NFT's for about $400 each and you ghosted the whole project since then. You made good money on that and we lost all. ALL.Just because we believed in you.
@LoganPaul @0n1Force Hi Logan, I lost a lot of money too. Nothing compared to you, but my mum was undergoing expensive treatment in hospital, and I guess I got caught up in the hype. Told her I’d 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 trash NFT and now want people to buy your trash NFT’s so you can make the money back? God bless the idiots who go for this…
@LoganPaul @0n1Force Really sad to see this! First off it is not true, there is still value in that beautiful and rare 0N1! I would like to know the real intention behind this post and why post it now when the project is actually cos actually gaining momentum again…
@LoganPaul @0n1Force So you want someone to buy a replica of an NFT you own?
@LoganPaul @0n1Force All NFTs are worth nothing though

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.

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Edited by Dinesh Renthlei
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