The renowned American YouTuber Logan Paul — best known for his popular IMPAULSIVE podcast — is proactively tackling the aftermath of his “CryptoZoo” NFT project, which didn’t take off as planned.
Showing a strong dedication to his investors, Logan Paul is committing over $2.3 million for the buyback of Base Egg and Base Animal NFTs at their initial selling prices — a major step towards rectifying the situation and restoring investor confidence.
A specific website has been set up for investors to submit their claims, reflecting the famous influencer’s dedication to resolving the fallout from the game’s failure.
Today, I am incredibly happy to announce that I am delivering on my promise to buy back Base Egg and Base Animal CryptoZoo NFTs for their original purchase price. This buy-back program is being carried out at https://t.co/XIQzLAGKiG. Claims can be submitted through this site… pic.twitter.com/VMPDHvdXkq
— Logan Paul (@LoganPaul) January 4, 2024
Logan Paul’s High Hopes and Harsh Realities
The CryptoZoo game, announced by Logan in 2021, was marketed as an engaging and profitable animated NFT gaming project. Drawing inspiration from Pokémon, it promised players the ability to hatch, breed, collect, and trade unique animal hybrids on the blockchain. Despite the initial success with the sale of 11,000 NFTs, the game never launched.
Logan maintains that he had only the best intentions for CryptoZoo and asserts that he did not profit from the project. He claims to have spent $400,000 on its development, and although the game was completed in early 2023, it faced unforeseen regulatory challenges that prevented its release.
He expresses his disappointment over the game’s non-release and emphasizes that the $2.3 million buyback program is intended to compensate those who invested in the game, not those who speculated in the crypto market.
Suing Key Figures in CryptoZoo’s Downfall
In a new legal development, Logan is suing Eduardo Ibanez, the lead developer of CryptoZoo, and Jake Greenbaum, known as “Crypto King”, alleging their responsibility for the game’s failure.
Legal documents reveal early warning signs of trouble, including suspicious trading activity involving $ZOO tokens shortly after the game’s launch. The market capitalization of $ZOO experienced a substantial decline, plummeting from approximately $130 million to $26 million, reportedly as a result of this activity.
While Logan confirms that CryptoZoo will not be released, he hopes to find some resolution through the legal system. His experience with CryptoZoo offers a cautionary tale and learning opportunity for both enthusiasts and entrepreneurs in the ever-evolving digital asset landscape.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
