A year ago, controversial youtuber Logan Paul spent US$623,000, or R$3.2 million, to acquire an NFT (Non-Fungible Token) from the famous Azuki profile picture collection. Inspired by Japanese culture and developed on Ethereum, however, the price of items in the collection began to suffer from the effects of the crypto winter and the cooling of the NFT hype.
The estimate of how much the NFT is currently worth was made by the buyer himself, who disclosed his (unrealized) loss in a photo on Snapchat, replicated followed by the Twitter account @WallStreetSilv. According to him, the image is currently worth US$ 10, the equivalent of about R$ 50.
Logan Paul paid $623,000 for this NFT that’s now worth $10 ……
Draw your own conclusions… pic.twitter.com/VCbLVRwpt0
— Wall Street Silver (@WallStreetSilv) September 28, 2022
Before that, Logan Paul had already complained about the devaluation of that same NFT in July this year: “A year ago, I spent $623,000 on an NFT. Today, he is practically worthless. I immortalized that mistake in 99 Originals by making an exact replica of the helmet and outfit.”
99 Originals is the youtuber’s own NFT collection, made up of 99 polaroids from different moments in his life. One of the photos in this collection is Logan Paul cosplaying the yellow robot from his NFT, in which he appears with a helmet that, according to him, cost R$100,000 and took two months to complete.
A year ago, I spent $623,000 on an NFT. Today, it’s worth essentially nothing.
I’ve immortalized this mistake in 99 Originals with an exact replica helmet & outfithttps://t.co/OzBRdQPxUK pic.twitter.com/srD2h4SgO7
— Logan Paul (@LoganPaul) July 13, 2022
End of the NFT hype?
Although the youtuber has said that his NFT currently costs US$ 10, his estimate seems to draw a worse scenario than the real one.
According to the Azuki collection’s own page on OpenSea, the floor price of the collection, that is, the cheapest price of an item available for purchase, is currently at 10.3 ETH, equivalent to R$ 70.2 thousand at the current exchange rate. cryptocurrency.
In April of this year, the collection’s floor price was a record 36 ETH and a single NFT from that collection sold for US$1 million.
It’s not just the Azuki collection that suffered a devaluation compared to the numbers at the beginning of the year. Even the most famous collections on the market, such as Bored Ape Yacht Club and CryptoPunks, have seen the price of their NFTs plummet significantly.
The end of the NFTs hype has joined the current downturn in the crypto market, which has generated a devaluation in the price of the main cryptocurrencies over the last few months.
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