“The NFT I bought for BRL 3.2 million is worth BRL 50 as we speak,” YouTuber Logan Paul lamented.
A yr in the past, controversial YouTuber Logan Paul spent $623,000, or R$3.2 million, to accumulate a NFT (Non-Fungible Token) from Azuki’s well-known assortment of profile photos. Inspired by Japanese tradition and developed on Ethereum, nevertheless, the value of collectibles started to undergo from the cooling results of crypto winter and NFT hype.
How a lot is NFT worth as we speak was made by the customer himself, who disclosed his (unrealized) loss in a Snapchat photograph, repeat adopted by the @WallStreetSilv Twitter account. According to him, the picture is at present worth $10, equal to about R$50.
Logan Paul paid $623,000 for this NFT which is now worth $10.
Draw your individual conclusions… pic.twitter.com/VCbLVRwpt0
—Wall Street Silver (@WallStreetSilv) September 28, 2022
Before that, Logan Paul had already denounced the devaluation of that NFT in July this yr: “A yr in the past, I spent $623,000 on an NFT. Today, it is nearly nugatory. I immortalized this error in 99 Originals, making a precise duplicate of the helmet and go well with.’
99 Originals is the youtuber’s NFT assortment, made up of 99 polaroids from completely different moments in his life. One of the photographs on this assortment is Logan Paul in his NFT yellow robotic cosplay, the place he seems sporting a helmet that he says price R$100,000 and took him two months to finish.
A yr in the past, I spent $623,000 on an NFT. Today it is principally nugatory.
I’ve immortalized this bug with a precise duplicate helmet and go well with on the unique 99https://t.co/OzBRdQPxUK pic.twitter.com/srD2h4SgO7
— Logan Paul (@LoganPaul) July 13, 2022
End of NFT hype?
Although the YouTuber mentioned that his NFT is at present worth $10, his estimate appears to painting a worse state of affairs than the actual one.
According to OpenSea’s Azuki assortment web page, the gathering worth, which is the most cost effective worth for an merchandise obtainable for buy, is at present 10.3 ETH, equal to R$70.2 thousand on the present alternate charge.
In April of this yr, the value of the gathering reached an all-time excessive of 36 ETH, and a single NFT from the gathering bought for $1 million.
It is not solely the Azuki assortment that has suffered a devaluation in comparison with the numbers at the start of the yr. Even probably the most well-known collections available in the market, comparable to Bored Ape Yacht Club and CryptoPunks, have dropped the value of their NFTs.
The finish of the NFTs hype coincided with the present downturn within the crypto market, which has led to a devaluation of the value of main cryptocurrencies in current months.
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