Logan Paul’s NFT bought for $623,000 is now worth $10
Best known for his highly successful YouTube career and high profile boxing matches, Logan Paul is no stranger to NFTs. In December 2021, Logan reported spending a staggering $2.7 million on his NFT collection, which includes hundreds of digital collectibles from some of the most prominent NFT projects. With the cryptocurrency crisis, most NFTs have seen their value drop by 90% or more, leaving most investors in the red.
However, one particular NFT bought by Logan Paul has to be in for being one of the worst NFT investments to date. Acquired by Logan for $623,000 in August 2021, the Bumblebee figure from the NFT 0N1 Force collection has lost over 99.99% of its value since then.
We’ll explore 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 bought for $623,000 essentially became worthless.
On August 23, 2021, Logan spent 188 ETH, or $623,000 historical market value, for a K4M-1 #03 digital image from the NFT 0N1 FORCE collection, better known as “bumblebee“. Bumblebee is one of 7,777 unique digital art creations that have been promised to deliver future partnerships with utility, cosmetics and lifestyle brands from the Metaverse.
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
Shortly after the purchase, the NFT mania took off, liquidity fell, and the digital collectibles became difficult to sell at sky-high values. After spending huge sums 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) 28 September 2022
Things got worse in 2022, when it became clear that the broader crypto market was headed for a crypto winter. NFTs were hit hard and their valuation fell. About a year after he first tweeted about buying his precious Bumblebee, Logan Paul’s NFT was worth $10 according to the famous Twitter analyst “Wall Street silver“, which has over 600,000 subscribers. “A year ago I spent $623,000 on an NFT. Today it’s worth next to nothing, confirmed Logan.
A year ago I spent $623,000 on an NFT. Today it is worth practically nothing.
I have immortalized this mistake in 99 originals with an exact copy of the helmet and outfit pic.twitter.com/srD2h4SgO7
— Logan Paul (@LoganPaul) 13 July 2022
Logan, being the shrewd businessman that he is, tried to soften the financial blow a bit by including Bumblebee in his collection of “99 originals“, which includes 99 original Polaroids that he took over 99 consecutive days between August and November 2021.” I immortalized this mistake “. “[the Bumblebee NFT] In 99 originals with an exact replica of the helmet and outfit,” he says. explained.
As of January 6th, the highest bid for a polaroid photograph of the NFT image of the bumble bee is worth approximately 20,800 USD ETH.
What’s in Logan Paul’s NFT collection?
After spending millions on NFT over the past couple of years, Logan has amassed quite an impressive collection of digital creations.
His crypto portfolio includes NFTs from some of the most prominent projects in the space, including CryptoPunks, World of Women and VeeFriends. In total, the estimated value of all the NFTs Logan owns is over $820,000.
Here’s a look at some of the most valuable NFTs in Logan Paul’s collection:
| NFT | Est. price* | Purchase amount | Floor price | Collection | Date of purchase. | Etherscan data |
|---|---|---|---|---|---|---|
| CryptoPunk #2294 | $330,299 | $163,006 | $83,308 | CryptoPunks | 25 February 2021 | Transfer details |
| CryptoPunk #7861 | $102,568 | $66,684 | $83,308 | CryptoPunks | 25 February 2021 | Transfer details |
| CryptoPunk #4484 | $92,206 | $47,686 | $83,308 | CryptoPunks | 20 February 2021 | Transfer details |
| Resin with three horns reflected | $23,125 | $291,600 | $5,619 | VeeFriends | 11 January 2022 | Transfer details |
| K4M-1 #03 | $9,934 | $623,136 | $800 | 0N1 power | 23 August 2021 | Transfer details |
*Price estimate from DappRadar based on NFT attributes and historical market activity.
Final Thoughts: Logan Paul’s NFT Controversy
In addition to investing in NFTs, Logan has tried his hand at producing a blockchain game that uses NFT-based animals called CryptoZoo. Recently, serious allegations were leveled against the CryptoZoo team by a popular Youtuber named CoffeZilla, who is known for his videos investigating online scams around digital currencies, Web3 and DeFi. Logan denied claims that CryptoZoo is a “scam” and threatened to sue Coffezilla for defamation.
Regardless of your opinion of Logan Paul’s antics, there’s no doubt that he’s made some bold moves in the NFT space. He owns several CryptoPunks, which is one of the most expensive NFTs ever sold, and could see his NFT investment return to the green when the bull market returns.
