A Deep Dive into His Web3 Life
When the NFT craze hit its peak final 12 months, Logan Paul was one of many earliest celebrities to leap headlong into the scene. The YouTuber and boxer not solely invested in a spread of blue-chip NFTs however went on to launch his personal NFT assortment and a market. Sadly, his NFT portfolio took successful, as was the case with many celebrities and their NFT investments.
To provide one instance, the ‘Bumblebee’ 0n1Force NFT Paul purchased for a whopping $623,000 in 2021 was reportedly value solely $10 late final month. On the time of writing, nevertheless, the NFT was value round $10,000, in accordance with DappRadar estimations. To make sure, a number of different celebrities, together with Steve Aoki, noticed their portfolio values plummet. The first purpose for this fall is the crypto winter, which dragged the NFT market with it.
Within the meantime, what occurred to Logan Paul’s NFT assortment and his market? How a lot is his NFT portfolio value now? We’ll reply all these questions and extra on this article.
Logan Paul’s NFT journey: The preliminary days
Firstly, Logan Paul is an avid Pokémon card collector—a behavior he started in August 2020, because of Gary Vaynerchuk. Later, it was Gary once more who prompted him to get into the NFT area.
“I spent half one million {dollars} on CryptoPunks as a result of Gary Vee known as me and instructed me that it could be the subsequent Fb,” Paul instructed Forbes in a 2021 interview.
In December 2021, Logan Paul revealed that he spent a whopping $2.645 million in 2021 on 139 NFTs from 16 collections. One of many first NFTs he purchased was from the World of Ladies NFT assortment. Whereas one in every of them price him round $160,000, one other was value about $170,000. What’s extra, in August final 12 months, he additionally spent $155,000 on two rock NFTs.
To make sure, Paul’s preliminary NFT investments got here at a time a few of these belongings had been promoting for hundreds of thousands of {dollars}, if no more. The truth is, in accordance with reports, general NFT gross sales amounted to $25 billion in 2021. Briefly, Paul was doing what each NFT fanatic with cash was doing: spend tons of of hundreds on seemingly constructive NFTs hoping for substantial returns.
Amid this, beginning his personal NFT assortment was the pure subsequent step for the YouTuber—enter CryptoZoo.
CryptoZoo: About Logan Paul NFT
As a Pokémon fan, Logan Paul had lengthy wished to see a “Pokémon fusion sport” in motion. This want, mixed together with his curiosity in NFTs, led to the founding of CryptoZoo. Primarily, it is a blockchain sport the place gamers may accumulate, breed, and promote NFT eggs.
Whereas the preliminary assortment dropped (and immediately bought out) on September 3, 2021, his followers had been disillusioned. Transactions failed, many misplaced hefty sums in fuel charges, and the mint was rife with bots.
Nicely, this was just the start. Quickly after launch, NFT detective Coffeezilla revealed that the paintings for the animals within the sport was edited Photoshop inventory photos. Additional, a few of the buyers misplaced seven-figure sums and weren’t reimbursed. Lengthy story quick, the venture failed, with many, together with NFT influencer, ZachXBT calling it a rug pull.
Early this 12 months, nevertheless, Paul claimed in an interview that he was new to the area and received “concerned with the mistaken individuals who made some errors and blunders.” Apparently, the venture was set to maneuver forwards with a “nice workforce”, whereas Paul centered on his new venture—99 Originals.
What’s Logan Paul’s 99 Originals?
Lower to April 2022, Logan Paul launched 99 Originals, a brand new NFT assortment and DAO. In a nutshell, the gathering options 99 images he took over 99 days by means of a Polaroid whereas travelling 84,029 miles throughout the globe. Briefly, the unique assortment contains simply 99 one-of-one NFTs. For that reason, every NFT holder will get to take pleasure in a spread of advantages, together with an unique, real-life copy of the polaroid. Additionally they get entry to the 99 Originals DAO and voting rights.
Notably, some perks are NFT-specific. For example, the holder of NFT #8 will get a CryptoPunk #6762 necklace after holding it for 99 consecutive days. However, #16 holder can choose the color of the boxer’s Gown and Shorts for the subsequent combat. They will even stroll with Paul to his subsequent combat!
How a lot is Logan Paul’s NFT value?
Paul auctioned one NFT day by day on Originals, with every public sale operating for twenty-four hours. Regardless of Paul’s earlier historical past with NFTs and the crypto market crash, his 99 Originals did surprisingly effectively. For instance, #14 42 Bored Ape fetched round $104,000 on the time. #1, in the meantime, bought for about $58,000. Late in Might, #76 Life and Loss of life went for $60,000.
Whereas 49% of the gross sales proceeds went to Paul, 50% was despatched to the treasury for holders to spend as they please. To make sure, the DAO was set as much as purchase digital belongings, fund members’ artistic initiatives, present entry to occasions, and assist unbiased artists, to call a number of. The final 1% of funds was allotted to Logan Paul’s Pokémon NFT holders.
The primary part of the venture ended on September 21, with Logan promising to deploy the funds for varied charities. To make sure, that was the final replace from Originals’ official Twitter account. So, how is the gathering performing now? In line with OpenSea analytics, the gathering’s flooring fell in September, happening as little as 15.29 ETH on October 17. Nevertheless, there was a sudden spike, adopted by a steep fall the next week, with the ground remaining 32 ETH on the time of writing.
As of now, we’re uncertain if Paul delivered on his many guarantees. It’s also unsure how the venture will perform within the coming weeks and months. Nevertheless, one factor is for sure—99 Originals did extraordinarily effectively beneath the circumstances. Paul seemingly made the fitting determination by dropping a restricted assortment that his followers beloved. However the way it performs sooner or later stays to be seen.
Liquid Market by Logan Paul
Across the similar time Logan Paul dropped 99 Originals, he additionally introduced his new market for fractionalized NFT artwork: Liquid Market. The concept is to fractionalise asset possession in order that anybody may co-own unique bodily and digital collectibles. On the platform, anybody can purchase, promote, and commerce high-value digital collectibles.
So, how precisely does the platform work? Firstly, it authenticates and approves collectibles on the platform. It then shops the belongings in a safe, bodily vault. Lastly, the tokens linked to the belongings are listed on the market on Liquid for $0.10 USD per token. As soon as the belongings are bought out, the platform strikes them to the ‘market’ the place customers can purchase, promote, and commerce the tokens.
A few of the high collectibles buying and selling on the platform embody CryptoPunks, uncommon Pokémon buying and selling playing cards, and Pokémon Field. The truth is, in July, Paul turned the world’s costliest Pokémon card into an NFT and tokenised it on the Liquid market. Reportedly, he paid round $5.3 million for the PSA 10 card.
Logan Paul’s NFT portfolio: What’s in his pockets at the moment?
Whereas Logan Paul’s 99 Originals and Liquid market is braving the storm, the worth of his NFT portfolio has considerably fallen. Whereas he spent over $2.5 million on NFTs final 12 months, at the moment, his NFT portfolio is just value slightly over $1 million. The truth is, in Might, Paul admitted he misplaced $500,000 within the crypto crash. He was additionally warned by the buyer watchdog group, Fact in Promoting, for shilling NFTs.
Right now, in Paul’s pockets, the highest three costliest NFTs are all CryptoPunks. Their present market costs vary from $443,000 to $133,000, on the time of writing. A few of the different high NFT collections in his portfolio embody 99 Originals, VeeFriends, Otherdeeds, and Tom Sachs Rocket Manufacturing unit.
Having mentioned that, it’s essential to notice that DappRadar has a controversial history of overvaluing NFTs. As there’s presently no normal to worth NFTs, it’s troublesome to establish what precisely Logan Paul’s NFT portfolio is value at the moment. However, early this month, Nansen estimated the pockets’s worth to be about $515,000.