Buying NFTs was the trend in 2020-21, but it seems that 2022 was not the year of the token. On the contrary, judging by the collapse in the value of Logan Paul’s rare tokens, the famous bubble that financial experts were talking about months ago seems to have burst.
For months now there has been talk of the possibility that the Web3 market is experiencing an unprecedented crisi. But many experienced traders and investors argue that it is just another moment of market distress.
Wall Street and its speculators claim it is a phase in which the industry is maturing. But many retail and community members seem to disbelieve this.
The question, despite different opinions, is indeed one: is the price of NFTs rising? The answer is no, categorically. Apart from very rare cases such as those of The Bored Ape Yacht Club collection, which despite having entered a bearish vortex maintain high prices, many other collections have lost up to 99% of their value!
In particular, one of the personalities featured in this collapse was the youtuber Logan Paul. A big NFT fan, he found himself with a fistful after spending almost $1 million on 3 Non-Fungible-Tokens.
His reaction may have been mature and positive, but there is no denying that a fortune has objectively gone up in smoke.
NFT collapse, the striking example of Logan Paul
One of the most beloved youtubers of all time, boxer and entertainer, who has also become famous for his popular podcast IMPAULSIVE. Logan Paul has always been a fan of digital assets!
The latest of his projects in this regard is called ’99 Originals‘ and corresponds to polaroid shots, one per day to be exact, among the most iconic of his life, for sale on the eponymous site or resale platforms such as Opensea.
The value of the DAO that manages the project is $1,944,367.16, but it doesn’t seem to be all doom and gloom for the web celebrity.
In fact, several days ago he himself made it known that some of his rarest and most expensive NFTs are worth practically nothing.
Has the NFT bubble really burst? Here are the numbers
Many are wondering whether the NFT market has really burst and the public figures speak for themselves: before 2022, the total Non-Fungible-Token market was worth something like USD 12.5 billion, today we are barely talking about USD 1 billion!
This collapse of the sector is certainly linked to the cryptocurrency crisis, which is experiencing a widespread bearish period, alternating between ups and downs that give no respite.
Of course, businesses continue to operate in the sector. We think of Gucci collections, rather than companies like Meta which is working to implement them in social media Facebook and Instagram, but we cannot deny that the volume of buying and selling has dropped by 90%.
From half a million to $10, Logan Paul’s experience
In one of his Tweets during the month of July, the web star is said to have expressed his regrets about some erroneous digital asset purchases made earlier, or rather investments that did not go as planned.
Logan Paul had purchased a Non-Fungible-Token ‘Bumblebee’ belonging to the Azuki niche collection, codenamed ‘K4M#3’ for the stellar price of $623,000!
This is in 2021. Unfortunately, today its value would be around $10, a hard loss to swallow even for such an eccentric and laugh-prone character.
Victim of the NFT bubble? Probably, although judging by his passion, the aforementioned ’99 Originals’ project, and his penchant for high-risk investments, it seems more like a miscalculation.
Not only Bumblebee, other losses for Logan Paul
We could say that Logan Paul found it hard to see more than half a million dollars go up in smoke, but bad news never comes alone.
In fact, in addition to the Bumblebee he found himself losing more money in failed investments. Famous for having bought some 4,500 NFTs over the years, spending something like USD 2.6 million, he found himself in 2021 with two more tokens of almost zero value.
Two of his purchases, in fact, Genesis Rock #65 and #68, paid around $155,000, are now worth together less than $270!
Logan Paul does not give up: Non-Fungible-Token born to stay
Undoubtedly, the collapse of Bitcoin, Ethereum and the other cryptocurrencies has overwhelmed the whole sector of neo-digital assets.
We cannot deny that Logan Paul has been swept up in the current storm, but he does not seem to be as upset by it as others would be in his place.
Everyone else is certainly struggling, but that doesn’t seem to bother Logan Paul too much, who is betting everything on his new ’99 Originals’ collection, believing firmly in the industry and that NFTs are one of the most incredible innovations ever.