Cryptozoo: Logan Paul’s NFT Project


23 December 2022 16:26, UTC


Studying time: ~4 m

Final 12 months, Logan Paul had introduced the launch of his NFT undertaking, known as CryptoZoo.

It was scheduled to launch in September 2021, however to this present day CryptoZoo doesn’t in reality exist.

The web site solely says that it’s nonetheless beneath development and can be present process upgrades to the principle infrastructure of the ecosystem, nevertheless it has really been at a standstill for months now.

Certainly, nothing has been posted on the official Twitter profile since 28 Might. That is exactly why it’s urged that the implosion of the Terra/Luna ecosystem, ensuing within the collapse of the crypto market, could have performed a key position within the undertaking’s failure.

Right now on Logan Paul’s YouTube channel, which has greater than 23 million subscribers, no reference to the undertaking will be discovered.

The CryptoZoo NFT undertaking

The concept for CryptoZoo was launched in 2020 throughout an episode of Impaulsive, the comedy podcast hosted by Logan Paul.

The concept was to permit gamers to take part in a enjoyable NFT-based recreation and earn passive earnings.

Logan Paul himself was a promoter of the sport, stating that the workforce had spent six months making “handmade” NFTs that might be the spotlight of the undertaking.

Based on his phrases, a million {dollars} can be raised to fund the making of the sport and the creation of distinctive NFTs.

Certainly, in 2021 CryptoZoo launched a few of its so-called NFT animals, however the hype instantly turned to disappointment.

But on the time of the launch, NFT eggs of those animals value $2.5 million had been offered.

To accumulate NFT eggs, customers needed to buy in-game ZOO tokens, and as soon as bought, these eggs have been speculated to hatch at launch in order that their house owners might obtain their animals, breed them, and have them mate.

The undertaking’s ZOO token

The ZOO token was launched on the markets as early as July 2021, and simply earlier than the sport’s launch in late August, it hit its peak value at practically 0.5 thousandths of a greenback.

Nonetheless, already by October it had misplaced nearly all of its worth, solely to rise to 0.25 mills in November, through the peak of the crypto market, and fall again to virtually zero in Might this 12 months.

ZOO presently loses 99.9% from its highs, a lot in order that it may be stated that its worth has virtually gone to zero.

In spite of everything, as early as December final 12 months it had fallen to 0.02 thousandths of a greenback, and though it had risen again to 0.03 in January, with the collapse of the crypto markets in Might its worth additionally fell far under a thousandth of a greenback.

CryptoZoo’s NFTs

The NFTs initially launched have been merely photographs that may simply be discovered on the Web after which edited. Furthermore, it proved unattainable to hatch the eggs, obtain the animal NFTs, or get the cash again.

And as quickly as criticism and accusations have been raised, the system went haywire.

Logan Paul stated nothing about this.

The apology

Solely later did Logan Paul break his silence, blaming the principle developer of the undertaking who allegedly took the code to Switzerland and refused to return it until he obtained a million-dollar fee.

Logan Paul then said that he bought concerned with the unsuitable individuals who made errors and missteps, and that there was a brand new workforce engaged on the undertaking.

The developer, nevertheless, later said that Logan Paul had employed a workforce to create the sport, however then didn’t pay them after which misplaced the code resulting from a failed negotiation.

The undertaking thus far seems to be useless, a lot in order that Logan Paul himself has began one other one.

The allegations

The story could not have ended there, as a result of now Logan Paul has been accused of fraud by a number of buyers or purchasers who ended up with nothing of their fingers after giving him their cash.

There are additionally those that declare that Logan Paul’s profession is now over after this affair, and in reality he hardly ever posts on his YouTube channel now.

Even on Instagram, the place he has greater than 24 million followers, he now posts sometimes, whereas he’s nonetheless energetic on Twitter, the place he has 6 million followers.

His Impaulsive podcasts proceed nevertheless.

As of but, he doesn’t look like beneath indictment by authorities, however it’s exhausting to imagine he can keep away from it. The truth is, a number of celebrities have already been punished for selling crypto scams, and at this level it’s to be believed that eventually they could goal him as effectively.

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