The monumental growth of the nonfungible token (NFT) sector in 2021 was a double-edged sword. While it may have transformed the wealth of countless investors and artists alike, it also gave birth to an alarming trend of popular figures who pounced on the tech to turn JPEGs into a quick profit.
Here, we’ll take a look at four influencers and celebrities who allegedly threw quality and utility out the window to vacuum capital out of their supporters’ pockets amid a year plagued by a global pandemic, labor shortages, unstable finances and supply chain shortages.
For crypto enthusiasts who don’t know Logan Paul, he is a controversial YouTube “content creator” who has more than 23 million subscribers. His audience is primarily built up of young and impressionable individuals to whom he gladly sells merchandise, among other things.
Paul’s NFT project “CryptoZoo” launched around last September and features egg NFTs that can be hatched into hybrid animals that are derived from the combination of two easily searchable Adobe stock images.
Paul claims that he spent more than $1 million to launch “CryptoZoo,” and the project’s description on NFT marketplace OpenSea describes itself as an “addicting game that provides real-life value,” although what that actually means is unclear.
At the time of writing, the NFTs’ floor price sits at a respectable 0.15 Ether (ETH) or $573. However, the figure marks a whopping 62% decrease from its all-time high in November.
the best part about this: we’re not just an NFT. we’re not just a token. @CryptoZooCo is a GAME… the best is yet to come https://t.co/fK2hzlMFU9
— Logan Paul (@LoganPaul) September 5, 2021
Paul was an avid crypto supporter throughout 2021 and was a major promoter (and alleged co-founder) behind a crypto token dubbed “Dink Doink,” which is now down 97.6% from its launch price with a current 24-hour trading volume of around $15.
All good things come in pairs, and Logan’s divisive brother, Jake, also…