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By Alessandra Bonifacio – 14 Oct 2022
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.
Summary
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.
A year ago, I spent $623,000 on an NFT. Today, it’s worth essentially nothing.
I’ve immortalized this mistake in 99 Originals with an exact replica helmet & outfithttps://t.co/OzBRdQPxUK pic.twitter.com/srD2h4SgO7
— Logan Paul (@LoganPaul) July 13, 2022
Paul certainly lost a lot of money, but not as much as it seemed.
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:
7/ Their current estimated portfolio value* is 625 ETH, with 89% of the NFTs having low liquidity (less than 35 sales in the last 7 days)
*24H median price, or 7D where no sales in the last 24H
Source:https://t.co/Ky8QrH3cfl pic.twitter.com/aZykqEOSqS
— Nansen 🧭 (@nansen_ai) October 4, 2022
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.
began collecting NFTs this year…
– acquired 139 total
– spent $2.645M
– first collection: @worldofwomennft 😌 pic.twitter.com/ci7p9TXoRe
— Logan Paul (@LoganPaul) December 25, 2021
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.
Graduated in modern literature, she is interested in communication and digital humanities after taking part in a research project in collaboration with Stanford University and in a summer school in digital marketing at the IE Business School.
Cryptonomist Editorial Staff – 11 Nov 2022
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