Popular YouTuber Logan Paul’s venture into the world of non-fungible tokens (NFTs) with his Azuki ‘Bumblebee’ NFT has taken a sharp downturn since his initial purchase in 2021.
The Azuki collection from Chiru Labs consists of 10,000 hand-drawn profile pictures, one of which Paul had acquired for over $600,000 in August 2021. However, the value of this NFT has now plummeted to about $10.
The news of Paul’s NFT’s diminishing worth has sparked discussions in the crypto community amid the current bear market.
In an attempt to prevent further devaluation, Paul had previously offered a replica of the NFT when its worth had almost hit zero. He aimed to boost interest in the artwork to maintain its value.
Last year, Paul admitted to the significant devaluation of his NFT collection and decided to commemorate his mistake by replicating the original artwork and outfit in a limited edition.
Besides the Azuki NFT, Paul had also invested in Rock #65 and Rock #68 NFTs at $60,000 and $95,000, respectively, in August 2021. These digital assets, along with collections like CryptoPunks and World of Women, have similarly seen a considerable decline in their floor prices.
In December 2021, Paul disclosed that he had spent a total of $2.645 million on NFTs throughout the year, with the Azuki NFT being his most costly investment. Despite facing setbacks in various business endeavors, Paul’s current net worth remains substantial at $45 million.
