Logan Paul Loses More Than Half a Million on NFT
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LOS ANGELES, CA – NOVEMBER 09: Referee Jack Reiss deducts 2 points from the score card of Logan Paul (red/white/blue shorts) after he punched KSI (black/red shorts) after a knock down in their pro debut fight at Staples Center on November 9, 2019 in Los Angeles, California. KSI won by decision. (Photo by Jayne Kamin-Oncea/Getty Images)
Logan Paul is one of the internet’s biggest stars currently. Along with his brother Jake, the Paul brothers have taken over the internet after turning into professional boxers. Both brothers are now professional boxers, earning millions from their exploits inside the ring. Logan is very open about some of his financial investments. The American internet sensation got into cryptocurrency and crypto punks very early on.
Although Paul has earned hundreds of thousands of dollars by investing in this space, today we take a look at what is probably his biggest loss. The 26-year-old invested on a 1/1 Bumblebee NFT from On1. Paul bought the NFT with the cryptocurrency Ethereum, spending 188 ETH on the NFT, which is $623,ooo.
Remember when Logan Paul dropped $600K on an NFT? It's now worth $4,000. That's a loss of more than 99%. 🤣 pic.twitter.com/NTDUm9RUM8
— Coffeezilla (@coffeebreak_YT) November 5, 2021
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Paul tweeted out a picture of the NFT saying, “Well. Just dropped 188 Eth ($623,000) on this 1/1 Bumblebee @0n1Force. Probably nothing”. Paul was right. It did turn out to be nothing. The NFT is now worth $4,000, that’s a loss of more than 99%. Chiefly, Paul lost more than half a million dollars on an NFT that was supposed to double in profit.
However, this has not stopped Paul from buying more NFTs. The YouTuber still spends hundreds of thousands of dollars on NFTs and probably will not stop. Paul has explained on many of his podcasts about how NFTs and the cryptocurrency space are going to change everything and he is all in, riding the crypto wave.
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The American Youtuber made waves with his involvement in the NFT space. He also launched his own project, ‘Crypto Zoo’ for owners to breed, trade, and collect hybrid animal NFTs. He also has some NFTs for which he is receiving offers worth $700k. Paul just flexed his latest purchase on his Twitter account and let’s just say they’re not exactly pretty to look at.
I literally left dinner last night to snag these.
$60k and $95k. The first rock NFT on Ethereum @weliketherocks; actually came before the Ether rock. I know it’s ridiculous but it’s digital history and I think they’re pretty cool 😌 pic.twitter.com/0kfELpbyVe
— Logan Paul (@LoganPaul) August 27, 2021
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“I literally left dinner last night to snag these. $60k and $95k. The first rock NFT on Ethereum @weliketherocks; actually came before the Ether rock. I know it’s ridiculous but it’s digital history and I think they’re pretty cool.” Paul said on his Twitter. Only time will tell if his latest purchase is a flop or a hit.
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