Logan Poor: Logan Paul Loses Over $600K On Single NFT

American Youtuber/influencer/boxer/WWE wrestler Logan Paul’s foray into the NFT market has cost him a cool $600,000 on just one single piece.
Big Fees for nfts
Paul has never been a stranger to controversy, so the world of NFTs and crypto seemed like the perfect space to make bank. In the Spring of 2021, the crypto market was peaking hard, and every content creator was looking to find an angle to create content and make money. Each cycle has its own “next big thing” that people go crazy for. In 2017 it was CryptoKitties, and in 2021 it was NFTs or Non-Fungible Tokens. For the uninitiated, an NFT is a unique cryptographic token that exists on a blockchain and cannot be replicated. These NFTs often represent items in the real world, such as artwork–particularly digital artwork.
It was digital artwork that caught Logan’s eye during this bull run, and the social media star spent over $2.5 million amassing a collection. While he’s estimated to have bought over 450 pieces during his spending spree, his shining star was “Bumblebee,” an artwork that belongs to the Azuki collection. Logan spent $623,000 for this piece on Aug. 24, 2021, hoping it would be worth a great deal more in a couple of years.
Unfortunately for Paul, things haven’t worked out. In a recent Snapchat story, Logan revealed that the piece is now only worth $10. Perhaps he could use the money to buy a Starbucks and make himself feel better about his investment decisions.
Logan Paul paid $623,000 for this NFT that's now worth $10 ……
Draw your own conclusions … pic.twitter.com/VCbLVRwpt0
— Wall Street Silver (@WallStreetSilv) September 28, 2022