What is Logan Paul’s $623,000 NFT worth today?
American YouTube personality Logan Paul’s Azuki ‘Bumblebee’ non-fungible token (NFT) price has fallen sharply since he first bought it in 2021.
Silver and gold market commentator @WallStreetSilver commented on Twitter that NFT’s price had since fallen to $10.
The Azuki collection consists of 10,000 hand-drawn profile picture avatars that ensure a buyer’s inclusion in an exclusive Web3 community, airdrops and a Discord community.
Paul initially confirmed that the NFT price had fallen to “essentially nothing” on July 13, 2022, and is offering a copy of the NFT in a new collection called 99 Originals.
At press time, the value of Logan’s collection on OpenSea, which includes NFTs from CryptoPunks, World of Women, and Azuki, had dropped significantly.
At press time, the floor price of the collection was 9 ETH, while Logan’s Uzuki NFT had remained at 2 ETH. as per nftpricefloor.
Logan jumped on the wave in 2021
During the heady days of 2021, when popular gatherings like the Bored Ape Yacht Club were on the rise, Paul ran an NFT sale in February 2021 using Forj, a company targeting mass adoption of Web3 and NFT technology. Each of the 3,000 NFTs offered was priced at 1 ETH.
After that, the influencer made NFTs of the unboxings from his Pokémon card collection, which quickly sold out.
In December 2021, Paul revealed that he had spent $2.645 million on NFTs in 2021, with the Azuki NFT being the most expensive. According to OpenSea, he currently has 4,500 NFTs.
Tough year for NFTers
NFT trading volume has fallen 97% from $17 billion in January 2022 to $466 million in September 2022, as broader crypto markets fell this year and investors sought to shed speculative assets such as NFTs.
Despite the negative macro outlook, Ethereum NFT sales saw a brief spike following the completion of the Ethereum merger in mid-September. 2022. Sales volumes for the popular Bored Ape Yacht Club collection increased by 187% 24 hours after the merger. Bored Apes is owned by Chain CEO Deepak Thapliyal, and actor Seth Green, among others.
CryptoPunks, another popular collection, saw a 56% increase in sales volume, despite sales falling below $100 million for the seventh month in a row.
OpenSea’s trading volume hit a long-term low in August 2022.
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