Famous YouTube star Logan Paul took a huge “L” (loss) with his NFT collection. His most prized artwork plummeted from roughly $620,000 to a mere $10!
Paul has spent more than $2 million on non-fungible tokens in the past few years. However, his Azuki Bumblebee alone had an initial value of $620,000.
The biggest reason for the crash is the ongoing crypto winter. The value of cryptocurrencies has been down for extended periods, reducing the price of related products and services.
Why did the Logan Paul NFT crash?
Photo Credit: gamebastion.com
Non-fungible tokens record the ownership of digital and physical goods via a blockchain or cryptocurrency network. Nowadays, many people see it as a lucrative method for selling digital art.
Unfortunately, NFT trading volume has crashed by 97%, falling from $466 million in January 2022 to $17 billion. The biggest factor is the ongoing global economic downturn.
Prices continue to rise at an alarming rate worldwide. In response, people would limit their purchases for essentials like food and shelter.
They are less likely to spend thousands of dollars on digital art. As a result, lower demand dramatically reduces the value of the Logan Paul NFT collection.
Logan Paul NFTs today
Paul’s most expensive non-fungible token is an Azuki NFT dubbed “Bumblebee.” It belongs in his collection named 99 Originals. However, it is not the only one he has.
For example, he paid $155,000 for Genesis Rock NFTs #65 and #68. According to Sportskeeda, Logan Paul spent more than $2.6 million on over 4,500 non-fungible tokens.
He tweeted a physical helmet and outfit based on his Bumblebee NFT. Also, fellow YouTube star KSI replied with a meme, saying he is also with Paul in making “huge losses in crypto.”
Conclusion
Logan Paul became trending online after admitting a massive loss on his NFT collection. Now, he seems to have learned from his investment blunder.
Similarly, you should consider the Logan Paul NFT crash a valuable lesson. Be careful when investing in cryptocurrencies and other assets by doing your research thoroughly.
Note that this article does not provide investment advice. Consult a financial advisor to build your portfolio properly. Also, feel free to check Inquirer Tech for more news and updates.