American YouTube star Logan Paul is known for spending his money on extravagant things. In August 2021, The Maverick invested over $620,000 in Azuki’s Bumblebee NFT (non-fungible token). Now it’s priced at just $10. Logan has spent over $2 million on NFTs in the last year or so. Azuki’s NFT remains his most expensive purchase so far. Unfortunately for the charismatic social media star, his investment dropped by 99%, rendering his acquisition pretty much worthless.
The Azuki NFT collection is considered to be one of the most “precious” collectibles on the market due to its creativity and labor-intensive production. However, due to the crypto currency crash, Logan’s purchase saw a drastic drop in value.
Why did Logan Paul’s NFT crash?
To understand the main reason behind Logan Paul’s failed venture, one must be familiar with the term “Crypto Winter.” The term is used to describe a period in the market where asset prices are at a record low level for an extended period of time.
Cryptocurrency Winter has had an effect on a number of NFTs, with many digital acquisitions now shedding more than two-thirds of their starting prices in recent months. Logan Paul is one of many unlucky investors who have suffered a huge loss due to the market crash.
Regardless of the loss, it hasn’t deterred Logan Paul from his NFT ventures. In fact, he recently finished his collection of 99 originals that have brought him millions of dollars in profits. In a July 2022 tweet, the creator said:
In a tweet, Logan Paul revealed that he had created an exact replica of the Bumblebee helmet graphic found on Azuki’s NFT, adding that the helmet set him back another $20K.
Interestingly, the Azuki NFT is not the only loss Logan has suffered. In August 2021, the 27-year-old also revealed that he had purchased Genesis Rocks #65 and #68 for a total of $155K. The former is valued at just $25.
Fans react to Logan’s loss
Like Logan’s business partner and fellow creator KSI, the former has apparently made a habit of making poor decisions when it comes to NFTs. Seeing the incredible loss, fans shared these reactions:
Logan is believed to have invested over $2.6 million in over 4.5,000 NFTs. While he may have suffered few losses, his other business ventures like Prime Hydration and 99 Originals have brought him a truckload of profits.
