Logan Paul’s NFT Collection, Once Worth $2.8 Million, Has Lost 70% Of Its Value

He’s now another owner of NFTs “worth essentially nothing”

Image: Badly created by author

In the summer of 2021, NFTs were enjoying their first boom period, fuelled by crazy stories like the $69 million sale of Beeple’s ‘The First 5000 Days’ digital artwork and the ensuing tidal wave of FOMO.

It started a digital art gold rush, with creators and scammers alike minting everything and anything into NFTs, strapping on some afterthought about community or immeasurable value, and selling them to buyers who were eager to snap them up at a ‘low’ price and sell them to the next eager buyer. It was a cycle that seemed endless; as long as the hype maintained momentum, the prices continued to rise, and the line of buyers kept growing.

You’d be forgiven for thinking I’ve accidentally pasted the definition of a Ponzi scheme. But, no, that definition reads, “a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.”

Very, very different, you see.

Whatever it was, it worked like magic. Until it didn’t.