YouTuber Logan Paul has been subjected to heavy criticism following the recent Logan Paul NFT project launch. Past failures seem to have damaged the creator’s credibility. Logan along with his brother Jake Paul are social media influencers, who have jumped on the non-fungible tokens bandwagon. Jake Paul recently put up for sale a video NFT of his knockout of ex-basketball player Nate Robinson.
Logan Paul launched his brand on Web3 after filing trademarks in February. They included “Originals by Logan Paul” and “Originals DAO”.
Furthermore, he has gathered a rather valuable crypto wallet full of highly sought after digital collectibles. The influencer is not only collecting them but also selling the collectibles for a hefty profit. He tweeted recently about waking up to the sale of one of his digital assets, World of Women NFT for the price of $765,000.
However, people are not upset about him making a profit from investments, we are all here for that. If he sold at a profit, good for him. It is his past record of pitching dubious crypto and NFT projects.
Dubious/Failed Projects: The Community’s Anger Explained
The YouTube videos content creator announced on April 12 that he’s launching a new NFT passion project,” “99 Originals” digital collectibles. Unsurprisingly, the announcement was met with wide-scale disapproval and criticism from several segments of the crypto community. Needless to say, many investors weren’t amused with the idea of another “Logan Paul project.”
The stream of negative responses to the launch announcement was expected based on the failure of the famous NFT CryptoZoo. The CryptoZoo collectibles project was launched in August 2021, and it involved egg NFTs which the owners will hatch into hybrid animals.
At its inception, there were high expectations for the CryptoZoo NFT project following the hype surrounding its launch at the time. The project was billed as “an autonomous ecosystem where players can collect, breed, and trade animal hybrids.” Unfortunately, the project failed, leaving many investors with significant losses and the much-hyped collectibles became worthless digital assets.
The CryptoZoo failure brought a lot of criticism for Logan as he had been under strict scrutiny before the launch of the new project. He had earlier been involved in promoting a failed “shit coin” Dink Doink, where many investors lost money. The ‘anthropomorphic phallically-inspired cartoon spring’ shitcoin crashed soon after being launched and never came back up. So, Paul didn’t have a solid reputation in the crypto community to begin with.
The Current Situation: What Are Investors Saying?
Community stakeholders are demanding the influencer be brought to account for creating and promoting several dubious projects. Internet detective Coffeezilla originally called the bluff on the CryptoZoo project, and he revealed that the so-called original artworks of hybrid animals were poor edits of stock images from Photoshop’s image library. Paraphrasing his words, he said, “The NFTs looked like the results of letting a five-year-old practice with Photoshop.”
Another crypto investigator, Zachxbt, echoed the minds of all disgruntled investors by calling out Paul on the failures of his previous projects. He’s quoted saying, “Remember when you rugged everyone for millions with these cash grabs last year. When will they be reimbursed?”
Overall, several investors have labelled the project a rug pull, and many are no longer interested in any business involving him or his affiliates.
Implications: 99 Originals Slated for Limited Release
While several investors have little to no positive reports regarding all of Logan paul’s projects, the creator has adopted a forward-looking approach to the criticisms. The 99 Originals Non-Fungible Token’s planned launch is gaining momentum as it ignores the hostile reception it endured.
Nonetheless, the YouTuber who is never out of the news is taking a more conservative approach this time around. He plans to experiment with a limited release of the NFTs based on photographs he captured. The idea behind this strategy is that it’ll be easier to manage fewer assets on the same concept. Hopefully, the YouTuber has learned from past mistakes and is ready to draw on those experiences to make something precious for the community.
However, time will tell if the community are ready to buy a Logan Paul NFT.