Logan Paul’s NFT Collection, Once Worth $2.8 Million, Has Lost 70% Of Its Value
<p>In the summer of 2021, NFTs were enjoying their first boom period, fuelled by crazy stories like the $69 million sale of Beeple’s ‘<em>The First 5000 Days</em>’ digital artwork and the ensuing tidal wave of FOMO.</p>
<p>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.</p>
<p>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.”</p>
<p><em>Very, very </em>different, you see.</p>
<p>Whatever it was, it worked like magic. Until it didn’t.</p>
<p>In January 2022, there were signs of an NFT slowdown. Data from <em>Coin Market Cap </em>showed <a href="https://coinmarketcap.com/nft/" rel="noopener ugc nofollow" target="_blank">the market cap has dropped from a high of $23 billion</a> to around $10 billion, losing over half its value. <a href="https://onezero.medium.com/the-metaverse-and-nft-boom-is-about-to-go-bust-b63c52c37c94" rel="noopener">It continued through March</a>, with Google Trends data showing global keyword search volume for the term ‘NFT’ had fallen 60–70% since the turn of the year. <a href="https://stephenmoore.medium.com/as-nft-sales-continue-to-plummet-is-the-bubble-about-to-burst-19b78fac4403" rel="noopener">A Q1 report by <em>Non Fungible</em></a> highlighted that NFT sales had <a href="https://www.wsj.com/articles/nft-sales-are-flatlining-11651552616" rel="noopener ugc nofollow" target="_blank">dropped to a daily average of 19,000 per week</a>, a 92% decline from a peak of 225,000 in September 2021. In August, <a href="https://stephenmoore.medium.com/the-nft-boom-is-over-trading-volume-on-opensea-falls-99-a31e00f109b0" rel="noopener">data revealed</a> that trading volume on the NFT marketplace OpenSeas had plummeted by 99%.</p>
<p><a href="https://stephenmoore.medium.com/logan-pauls-nft-collection-once-worth-2-8-million-has-lost-70-of-its-value-7c963183fc80"><strong>Visit Now</strong></a></p>