I bought an NFT for $623,000 and now it’s only $10, says Youtuber

Logan Paul is an infamous name on the internet, especially when it comes to YouTube. In addition to being controversial as a content creator, mediocre boxer and controversial figure, Paul is also an investor in cryptocurrencies and NFTs, but he doesn’t always get his investment right, Converting $600,000 into just $10 dollars.

The Youtuber got involved in digital assets in 2021, when there was the second wave of positivism about Bitcoin, which would hit its record price a few months later. At the time, Paul posted to his millions of followers that he was excited about cryptocurrencies.

“Cryptocurrencies are as exciting as hell”

cryptocurrency is so damn exciting

— Logan Paul (@LoganPaul) March 14, 2021

One of Paul’s big bets was the NFTs, but the bet backfired. Paul ended up spending more than US$2.5 million in various collections of non-fungible tokens. The great jewel among her purchases was an item from the azukiwhich he acquired for a small gift US$623 thousand, about 3.2 million reais.

The problem is that the Azuki ecosystem, and with it all NFTs in the collection, have dropped in price considerably. This caused the Youtuber to regret that an NFT he paid $623k is now worth just over $10.

“Logan Paul paid $623 for this NFT and now it’s worth $10, draw your own conclusions.”

Logan Paul paid $623,000 for this NFT which is now worth $10……

Draw your own conclusions… pic.twitter.com/VCbLVRwpt0

— Wall Street Silver (@WallStreetSilv) September 28, 2022

Paul entered the NFT market when the industry was at its peak, both in popularity and value, but the hype didn’t last long and the industry collapsed within a few months as evidenced by the Azuki collection.

Logan Paul also lost money on cryptocurrencies

In addition to NFTs, Paul diversified his portfolio with Bitcoin and various altcoins. Not long ago, he admitted that he had lost about $500,000 on these investments, acknowledging that he had invested at a less favorable time, right during the peak of prices.

Unfortunately for many who have done the same, the cryptocurrency market has taken a huge plunge this year and its total capitalization is less than $1 trillion, compared to $3 trillion 12 months ago. Anyone who has followed the price of Bitcoin knows what the past few months have been like.

However, Paul is not only someone who gets ridiculed for his wrong investment, but he has also been accused of scams involving cryptocurrencies multiple times, influence his followers to support projects where he would make a profit if there was a pump.