Logan Paul’s $623,000 NFT now worth $10

nft logan paul

The celebrated YouTuber Logan Paul has seen his $623,000 investment in a non-fungible bee-shaped Bumblebee token from the Azuki collection called K4M-1 # 03 drop to just $10.

Azuki: successful NFT collection

Azuki’s NFT collection is considered one of the most “valuable” NFTs on the market. The reasons for this are attributed to its creativity and labor-intensive production. However, the value of Logan’s NFT has dropped dramatically due to the cryptocurrency market crash.

Logan Paul has invested over $2 million in NFTs in the past year or so, with Azuki NFT being his most expensive purchase to date.

Azuki NFT is not Paul’s only loss. In August 2021, the 27-year-old was also found to have purchased Genesis Rocks No. 65 and No. 68 for $1.55 million. The former has a value of only $25.

Paul certainly lost a lot of money, but not as much as it seemed.

Logan Paul: An apparently failed NFT investment

According to DappRadar, Paul’s NFT is worth about $7,272 or $5.51 Ether (ETH) . The valuation underscores the nature of NFT pricing, even in the current down market.

DappRadar’s NFT estimates can be controversial. Twitter has exploded over the valuation of Three Arrows Capital’s Starry Night portfolio. But there really is no universal way to value NFTs, and in the end DappRadar’s valuation turned out to be higher than Nansen’s shown here:

DappRadar says its tool uses an automated calculation algorithm to determine appropriate prices based on market conditions.

“Our algorithm calculates what the price of an NFT is, which is consistent with historical sales data. It is not about predicting accurately, but finding a price that makes sense for current market conditions. This methodology allows the investor to assess how good the exchange price is, while also evaluating the importance of the sale within the collection market.”

a DappRadar spokesperson told CoinDesk in an email.

 Overall, DappRadar puts Paul’s NFT collection at just under $1 million.

In December 2021, Paul tweeted that he spent $2.645 million to assemble his NFT collection.

Now, it is worth about $37 percent of what he paid for it. While most NFTs in the collection have suffered double-digit losses, there are also some double-digit gains:

https://dappradar.com/hub/wallet/eth/0xff0bd4aa3496739d5667adc10e2b843dfab5712b/nfts-financial

 Non-fungible tokens record ownership of digital and physical assets through a blockchain or cryptocurrency network. 

Nowadays, many people have envisioned it as a profitable way to sell digital art.

Unfortunately, NFT trading volume has plummeted by 97%, with BTC holding steady in the range of $19,000 to $19,500 until four days ago, but financiers are waiting for convincing evidence that the uptick can happen.

The biggest driver is clearly the ongoing global economic recession: prices continue to rise at an alarming rate around the world. 

The post Logan Paul’s $623,000 NFT now worth $10 appeared first on The Cryptonomist.