The real story behind Logan Paul’s $623K NFT fiasco
In August 2021, famous YouTuber Logan Paul purchased an NFT for $623,000, but the value of the token dropped dramatically.
The NFT collection now has a floor price of $354.
The common misconception is that the NFT is from an Azuki collection, but it’s a K4M-1 #03 from 0N1 Force.
Logan Paul is known as the “bad guy” in the NFT space, as the 27-year-old influencer was a part of several rug pulls and advertised crypto scams. Besides deceiving his fans, he also made some failed investments, including K4M-1 #03 NFT from the 0N1 Force collection, which cost him $623,000 but is currently priced at less than $2,000.
Sources claim that Logan Paul’s NFT is Azuki Bumblebee NFT priced at $10, but the information is incorrect. Logan Paul’s OpenSea account shows that the ‘famous’ collectible is an 01N Force NFT. While he owns around 4,500 NFTs, he has no Azukis.
According to some sources, Paul made several NFT purchases in 2021 and spent $2.645 million in total. K4M-1 NFT, which he refers to as “Bumblebee,” is his most expensive purchase so far. He bought the NFT for 188 ETH in August 2021.
He recouped a portion of his investment through the sale of his polaroid “#3 BUMBL3BEE” NFT, which is a recreation of the unsuccessful NFT. The NFT, which he sold for 16.69 ETH ($21,208), is a part of the 99 Originals DAO project that Paul launched in April.
Paul wrote on Twitter that it cost $20,000 to make the helmet, which resembled the NFT PFP. The headwear was created by the same designer who created DJ Marshmello’s helmet.
0N1 Force is a collection of 7,777 hand-drawn generative side-profile characters with its own metaverse, 0N1verse. The NFTs have a floor price of 0.273 ETH ($354). As per data by CoinGecko, around the time when Logan Paul purchased K4M-1 #03, the floor price of 01N Force NFTs reached 5 ETH.
In July, Logan Paul achieved the Guinness World Records title by purchasing the most expensive Pokemon card and minting it as an NFT. As mentioned earlier, Logan Paul is known for being a part of the pump and dump schemes and promoting scams, including Ethereum Max, DinkDoink, CryptoZoo, and other projects.
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