One of the most painful ways to lose more than half a million dollars is by investing in something that gets annulled in a period of 1 year. You just wait and see your money getting burnt before your eyes and you can’t do anything about it. That is the case with Logan Paul and his NFTs collection.
NFTs, or random images of monkeys, donkeys, and other kinds of animals became very popular last year. As a result, their price went off the charts. People, especially famous people, rushed to buy as many NFTs as possible. Logan Paul was one of them.
The NFTs That Logan Paul Bought For Over $600 000 Are Now Worth Just $10
The YouTube star bought one particular NFT from the Azuki collection for an incredible $623 000. The name of this NFT is the ‘Bumblebee’. Logan Paul thought that this investment would bring him more money, however, that wasn’t the case. The hand-drawn NFT is now worth only $10.
This particular case is a pure example of the volatility of cryptocurrency, including NFTs. Even though they are not the same things they definitely have some connection. The major fall of Bitcoin in 2022 affected the price of other cryptos massively.
Some of the token’s projects even came to a complete collapse.
Logan Paul is big-time into crypto. It is not the first time that the YouTuber reports massive losses. Back in May, he appeared on a podcast where he confessed that he is down by $500 000 in a very short time – thanks to crypto.
The crypto scene is currently in a downfall. Many are thinking that this might be the right time to invest in it, since the prices may raise in a short time. However, there are analysts claiming that a raise in the price is highly unlikely. At least in the following period.
Logan Paul is not the only celebrity who lost money with NFTs. His fellow YouTuber KSI has reported that he lost over $2.8 million on the LUNA crypto token.
Neymar Jr, the Brazillian footballer lost a lot of money due to NFTs as well. Last year, somehow he decided to invest in crypto and spent $1 million on two NFTs from the Bored Apes Yacht Club. Now, the same two NFTs are worth somewhere close to $300 000.
Steve Aoki, the electronic music DJ, and producer is famous in the NFTs world as he has a lot of money in it. In addition, at one point he even designed some NFTs as well. One of his NFTs bought for $350 000 is now worth $40 000.
