Last year, Logan Paul had announced the launch of his NFT project, called CryptoZoo.
It was scheduled to launch in September 2021, but to this day CryptoZoo does not in fact exist.
The website only says that it is still under construction and would be undergoing upgrades to the main infrastructure of the ecosystem, but it has actually been at a standstill for months now.
Indeed, nothing has been posted on the official Twitter profile since 28 May. This is precisely why it is suggested that the implosion of the Terra/Luna ecosystem, resulting in the collapse of the crypto market, may have played a key role in the project’s failure.
At this time on Logan Paul’s YouTube channel, which has more than 23 million subscribers, no reference to the project can be found.
The CryptoZoo NFT project
The idea for CryptoZoo was launched in 2020 during an episode of Impaulsive, the comedy podcast hosted by Logan Paul.
The idea was to allow players to participate in a fun NFT-based game and earn passive income.
Logan Paul himself was a promoter of the game, stating that the team had spent six months making “handmade” NFTs that would be the highlight of the project.
According to his words, one million dollars would be raised to fund the making of the game and the creation of unique NFTs.
Indeed, in 2021 CryptoZoo launched some of its so-called NFT animals, but the hype immediately turned to disappointment.
Yet at the time of the launch, NFT eggs of these animals worth $2.5 million had been sold.
To acquire NFT eggs, users had to purchase in-game ZOO tokens, and once purchased, these eggs were supposed to hatch at launch so that their owners could receive their animals, breed them, and have them mate.
The project’s ZOO token
The ZOO token was launched on the markets as early as July 2021, and just before the game’s launch in late August, it hit its peak price at nearly 0.5 thousandths of a dollar.
However, already by October it had lost almost all of its value, only to rise to 0.25 mills in November, during the peak of the crypto market, and fall back to practically zero in May this year.
ZOO currently loses 99.9% from its highs, so much so that it can be said that its value has practically gone to zero.
After all, as early as December last year it had fallen to 0.02 thousandths of a dollar, and although it had risen back to 0.03 in January, with the collapse of the crypto markets in May its value also fell far below a thousandth of a dollar.
The NFTs initially released were simply photos that can easily be found on the Internet and then edited. Moreover, it proved impossible to hatch the eggs, receive the animal NFTs, or get the money back.
And as soon as criticism and accusations were raised, the system went haywire.
Logan Paul said nothing about this.
Only later did Logan Paul break his silence, blaming the main developer of the project who allegedly took the code to Switzerland and refused to return it unless he received a million-dollar payment.
Logan Paul then stated that he got involved with the wrong people who made mistakes and missteps, and that there was a new team working on the project.
The developer, however, later stated that Logan Paul had hired a team to create the game, but then failed to pay them and then lost the code due to a failed negotiation.
The project to date appears to be dead, so much so that Logan Paul himself has started another one.
The story may not have ended there, because now Logan Paul has been accused of fraud by several investors or clients who ended up with nothing in their hands after giving him their money.
There are also those who claim that Logan Paul’s career is now over after this affair, and in fact he rarely posts on his YouTube channel now.
His Impaulsive podcasts continue however.
As of yet, he does not appear to be under indictment by authorities, but it is hard to believe he can avoid it. In fact, several celebrities have already been punished for promoting crypto scams, and at this point it’s to be believed that sooner or later they may target him as well.