American YouTuber, actor and social media personality – Logan Paul – is sitting on an unrealized loss of $623,000 due to his investment in a non-fungible token (NFT), part of the Azuki Group.
Also, his interaction with cryptocurrencies was not successful. Because of the market crash, his property valuation shrank by more than $500,000.
Logan Paul Critical Paper Loss
Like many other individuals, the famous YouTuber jump On the cryptocurrency bandwagon last spring when the prices of most assets soared. Several months later, he also joined the NFT craze, spending over $2.5 million on this art. The jewel of his purchase was part of the Azuki Collection, which he acquired for $623,000.
However, the shaky state of the cryptocurrency industry and the standing of the NFT have taken a heavy financial toll on the YouTube star, at least on paper. like Paul lately open By itself, Azuki NFT is currently trading at $10 – a sharp drop that has caused controversy among the crypto community.
Several Twitter users mocked the celebrity for his decision to interact with non-fungible tokens at a time when there was obvious hype in the space. Others have argued that digital collectibles are scams and people should stay away from them. However, some believe that the price collapse is due to the continuation of the bear market and that its assessment will go north when the next uptrend begins.
It should be noted that when he bought the items, the NFT transactions were at their peak. At one point last summer, OpenSea’s trading volume soared to over $500 million in a single day, while in recent months it has struggled to cross $10 million.
In addition to NFTs, Paul has diversified his portfolio with bitcoin and altcoins. Not long ago, he admitted he’s dropped about $500,000 on those investments since entering the ecosystem at its peak last year.
Unfortunately for many who have done the same, the cryptocurrency market has taken a hit this year, totaling just under $1 billion (compared to $3 billion 12 months ago).
KSI is down millions
Another YouTuber who has taken a big hit from the cryptocurrency market is British rapper JJ Olatunji, also known as KSI.
In May, Terra’s native coin – LUNA – began to collapse, and he took the opportunity to speculate that the price would eventually recover its previous highs. KSI set aside $2.8 million of his fortune originally when it was trading at around $25.
Contrary to his expectations, the token continued its downtrend and practically collapsed to zero, eliminating the rapper’s multi-million dollar investment.
KSI is a big supporter of the cryptocurrency sector, especially bitcoin. Last year, he claimed that BTC would play a major role in the future monetary system. The rapper even went so far as to say that if he had been the Prime Minister of the United Kingdom, he would have given every resident £100 worth of bitcoin.
KSI sees Bitcoin as the appropriate long-term investment vehicle. In his opinion, those who have been exposed to some assets will “laugh” in 10 years:
“I feel like a lot of people don’t really see it: They’re trying to look for quick money like, ‘Oh, I want to get in and out. “This is a long-term thing, and I’m here for the ride.”
Post from $620K to $10: Logan Paul’s Failed NFT Investment First Appears on CryptoPotato.