Logan Paul loses $623,000 on NFT after losing $3.5 million buying fake Pokemon cards
Logan Paul is a man of many talents. He is a professional WWE wrestler, a professional boxer, a successful YouTuber and a businessman. Although PRIME Hydration has become a worldwide sensation, there have been a few ventures from Logan that were complete failures. One such venture was his cryptocurrency game, “CryptoZoo.” But that’s not the only bad investment Paul made, as one of his famous NFTs seems to have lost all its value.
We will. Just dropped 188 Eth ($623,000) on this 1/1 Bumblebee @0n1Force. Probably nothing pic.twitter.com/AikVh6Mky0
— Logan Paul (@LoganPaul) 23 August 2021
In August 2021, Logan took to Twitter and announced that he purchased a Bumblebee NFT from On1 Force. At that time the value of cryptocurrency was very high and Paul used 188 Eth (Ethereum) coins. The amount in USD, according to Logan, increased to $623,000. However, in November 2021, Coffeezilla, who is an investigative journalist, revealed something incredibly shocking! He revealed that NFT’s value fell to $4,486.
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) 28 September 2022
According to Coffeezilla, Logan Paul scored a 99% hit on the purchase. On the other hand. that was in 2021. So fans may wonder, what is the value of said NFT in 2023? According to a report by Wall Street Silver in September 2022, Paul’s Bumblebee NFT was worth only $10!
Logan Paul may not necessarily see NFT as an investment and may just consider it part of his collectibles. But from a business perspective, it looks like Paul has lost all his investment money.
Logan Paul was tricked into buying $3.5 million worth of fake Pokemon cards
If Logan Paul’s decision to buy the Pokemon cards is any indication, Paul is extremely fond of collecting art. In December 2021, Logan Paul spent 3.5 million to buy a collection of first generation Pokemon cards. Pokemon is an extremely popular amine and has a fan base all over the world. That’s why the Pokemon trading cards are worth an absolute fortune. Therefore, Paul’s decision to spend $3.5 million was not thought of as a bad investment.
However, after the purchase, Logan received many messages urging the cards to be investigated. Therefore, after unboxing and further investigation, it turned out that the cards were fake and the collections were filled with GI Joe trading cards. In a video, on his YouTube channel, Paul expressed his disappointment over the case.
He added, “I’m a super positive person, bro – and I always want to be the one to look on the bright side, and I’m trying, but this is really hard. It’s just so sad for all parties involved, it’s sad for the Pokémon community – like how many fraudulent things are out there? I’m thankful for the things I have that are real now, I picture my Charizard in my head…something real, something worth a lot of money that’s real. Damn bro, I just went from eleven first edition boxes to five. We freaked out, end of story.” (h/t via nintendolife)
But luckily for him, the person who sold the collection to Logan Paul returned the money. Did that stop Logan from further investing in trading cards? Not exactly as he went on to buy the most expensive Pokemon card in history, worth $5.275 million. He bought a PSA Grade 10 Pikachu Illustrator card. He wasn’t afraid to show it off either. During his WrestleMania 38 entrance, Logan wore it with a chain around his neck.
.@LoganPaul wearing the most expensive @Pokemon cards in the world right now at #WrestleMania! 🤑🤑🤑 pic.twitter.com/ZnCTZD8ln9
— WWE (@WWE) 3 April 2022
What are your thoughts on Logan Paul’s NFT collections and investments? Let us know in the comments below.
