Logan Paul’s $600k NFT Now Worth $10 While Inflation (Momentarily) Sinks Bitcoin

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Last Updated on 14 October 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin slumped as low as $18,400 yesterday as inflation figures barely moved in the US compared to last month. This probably means that the Federal Reserve will have to raise interest rates again next month. Meanwhile, some NFT values are trading for bottom prices.

At the time of writing, Bitcoin is trading for $19600 after analysts thought it would in the end be ok for crypto. Even the tech-heavy Nasdaq in the end finished higher when some optimists claimed they are starting to see light at the end of the Fed tunnel.

Being a celebrity doesn’t protect you from a bad investment, quite the contrary! Where normal people first make a small investment to test the ecosystem (be it in NFTs, cryptos or something else) the stars tend to pull out the big checkbook.

Logan Paul, the American YouTuber and social media star (the man has some 25 million followers on YouTube alone) is no exception.

Advertentie.

Bumblebee

For example, Logan invested in an NFT from the Azuki collection last year. Bought it for $623,000, his Bumblebee (based on America’s very popular Transformers movies) copy is only worth a good $10 today. The loss was admitted by Logan himself.

When he entered the NFT market in full bull run last year, the well-known American invested a good 2.5 million dollars in NFTs.

Since the market is cyclical, there is no evidence that this purchase will not recover in value within a few months if the hype surrounding NFTs is still relevant over time.

Hypes

But there’s still a chance that this purchase won’t be worth more than the value of a pack of cigarettes. Anything is possible, especially in Web 3 where everything changes at the snap of a finger. Falling prices, hacks, tokens disappearing overnight, the ecosystem has surprises in store every day.

In 2020 the hype was called DeFi (decentralized finance) and in 2021 it was NFTs. We will know what the hype of 2022 was by the end of this year. My guess is Terra Luna.

olinchuk / Depositphotos.com