Best known for his hugely successful YouTube career and high-profile boxing matches, Logan Paul is no stranger to NFTs. As of December 2021, Logan claimed to have spent a whopping $2.7 million on his NFT Collection, which includes hundreds of digital collectibles from some of the most well-known NFT projects. With the cryptocurrency crisis, the value of most NFTs has fallen by 90% or more, leaving most investors in the red.
However, one particular NFT bought by Logan Paul has to hold its own to be one of the worst NFT investments to date. The Bumblebee image from the NFT 0N1 Force collection, purchased by Logan in August 2021 for $623,000, has since lost over 99.99% of its value.
We’ll examine the background behind the ill-fated NFT that Logan Paul bought and examine how his other NFT investments have fared this crypto winter.
How Logan Paul’s NFT was bought for $623,000 essentially became worthless.
On August 23, 2021, Logan spent 188 ETH or $623,000 at historical market value for a digital image K4M-1 #03 from the NFT 0N1 FORCE collection, better known as “bumblebee“. Bumblebee is one of 7,777 unique digital art creations committed to creating future partnerships with utility, cosmetic and lifestyle brands across the Metaverse.
Good. I just dropped 188 Eth ($623,000) on this 1/1 Bumblebee @0n1strength. Probably nothing pic.twitter.com/AikVh6Mky0
— Logan Paul (@LoganPaul) August 23, 2021
Shortly after purchase, the NFT craze died down, cash plummeted, and digital collectibles became difficult to sell at sky-high valuations. After spending 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 which is now worth $10……
Draw your own conclusions… pic.twitter.com/VCbLVRwpt0
— Wall Street Silver (@WallStreetSilv) September 28, 2022
Things got even worse in 2022 when it emerged that the broader crypto market was headed for a crypto winter. NFTs have been hit hard and their valuations have plummeted. 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 money“, which has more than 600,000 subscribers. “A year ago I spent $623,000 on an NFT. Today it is worth practically nothing.” Confirmed logan
A year ago I spent $623,000 on an NFT. Today it’s basically worth nothing.
I have immortalized this error in 99 Originals with an exact replica of the helmet and outfithttps://t.co/OzBRdQPxUK pic.twitter.com/srD2h4SgO7
— Logan Paul (@LoganPaul) July 13, 2022
Logan, the savvy businessman that he is, tried to soften the financial blow by adding Bumblebee to his collection of “99 originals‘, including 99 original Polaroids taken over 99 consecutive days between August and November 2021.’ I have perpetuated this error “. “[the Bumblebee NFT] in 99 originals with exact replica of helmet & outfit,” he said. has explained.
On January 6, the top bid for a Polaroid photo of Bumblebee’s NFT image was worth around $20,800 in ETH.
What’s in the Logan Paul NFT Collection?
After spending millions on NFTs over the last two years, Logan has amassed quite an impressive collection of digital creations.
His crypto portfolio includes NFTs from some of the most prominent projects in space, including CryptoPunks, World of Women, and VeeFriends. In total, the estimated value of all NFTs that Logan owns is over $820,000.
Here’s a look at some of the most valuable NFTs in Logan Paul’s collection:
| NFT | East. Price* | purchase price | land 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 |
| Reflected three-horned harp | $23,125 | $291,600 | $5,619 | VeeFriends | January 11, 2022 | Transmission Details |
| K4M-1 #03 | $9,934 | $623,136 | $800 | 0N1 strength | August 23, 2021 | Transmission Details |
*Price estimate by DappRadar based on NFT attributes and historical market activity.
Final thoughts: Logan Paul’s NFT controversy
Besides investing in NFTs, Logan has dabbled in developing a blockchain game called CryptoZoo that uses animals based on NFTs. Recently, serious allegations were leveled against the CryptoZoo team by a popular Youtuber named CoffeZilla, known for his videos investigating online scams related to digital currencies, Web3 and DeFi. Logan denied claims CryptoZoo was a “scam” and threatened to sue Coffezilla for defamation.
Whatever you think of Logan Paul’s antics, there’s no denying that he’s made some bold moves into the NFT space. He owns several CryptoPunks that are among the most expensive NFTs ever sold and could see his NFT investment back in the green once the bull market returns.
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