The minimum prices for Logan and Jake Paul’s NFT collections have fallen 62% and 98%, respectively, since the ATH level.
The spectacular growth of the NFT sector in 2021 is a double-edged sword. While it can bring “super” returns to both investors and artists, it is also creating an alarming trend as celebrities use this technology to turn image files, JPEGs, into quick profit.
We are going to look at 4 famous and influential people who supposedly ignored the quality and usefulness of the product but only made an effort to make money from supporters during the pandemic. Labor shortages, financial instability and supply chain bottlenecks are happening around the world.
CryptoZoo – Logan Paul
For crypto enthusiasts who don’t know Logan Paul, he’s a controversial “content creator” on YouTube with over 23 million subscribers. His audience consisted mostly of young people to whom he was willing to sell goods and other things.
Paul’s NFT project “CryptoZoo” started around September last year with egg NFTs that can be hatched into animals. These images are easily searchable at Adobe.
Paul to explain that he spent more than $ 1 million to start “CryptoZoo” and is dubbed “an addicting game with real value” on the NFT OpenSea marketplace.
At the time of writing, the NFT floor price is 0.17 ether, or $ 536 at the current ETH price of $ 3,157, a 62% decrease from the ATH in November.
CryptoZoo Floor Price | Source: Opensea
Paul was an avid crypto advocate in 2021 and a major promoter (and alleged co-founder) of the “Dink Doink” token, which is now 97.6% below its then-price volume around $ 15.
Stick Dix – Jake Paul
Jake Paul, Logan’s younger brother, also stood out in 2021 when he was trying to make money in the NFT market.
Paul is said to be one of the founders of the NFT project “StickDix”, which started in November and shows works of art showing hand-drawn stick figures with enlarged penises. According to the project roadmap, it will invest $ 300,000 in influencer marketing and bring interesting things to the market, such as the clothing chain “Stick Dix”.
Unsurprisingly, the minimum price for the NFT project on OpenSea wasn’t very positive, as it is now down about 99% from the ATH in November to 0.002 ETH (about $ 6.3) on Jan 8th.
StickDix Floor Price | Source: Opensea
Trollz Collection – Tekashi 6ix9ine
Popular rapper Tekashi 6ix9ine, aka Daniel Hernandez, is said to have retired from an NFT project advertise. Some investors called it a “big scam” last month.
According to a December 17 report by Rolling Stone, the Trollz Collection of 9,669 Tekashi 6ix9ine-style avatars was halted after one of the project’s Discord moderators attacked the network and spam a fake NFT minting link, the user should cheat.
In response to the attack, the “Trollz Collection” team decided to stop minting further works and limit the project to 4,797 NFTs. Tekashi 6ix9ine also deleted his social media posts about the project and changed his NFT profile picture to something else.
An investor named Jacob said he invested $ 40,000 because of the project’s relationship with Tekashi 6ix9ine and its roadmap that promised the launch of blockchain games, governance rights and charitable donations.
Jacob claims that none of the plans in this roadmap have been implemented and reports about the blockchain game that was slated to hit the market last November have been forgotten. Jacob calls this a major market fraud.
Baby Baller – John Wall
The development team behind NBA superstar John Wall’s NFT project got into a mess in September after the NFT community discovered that the work described in his NFT appeared to be “everything” from the game Fortnite.
The “Baby Ballers” collection includes 4,000 NFTs with a child playing basketball. However, in the start-up phase, the NFT has a background image that looks like the same such as screenshots from Fortnite, while others claim the baby picture was copied from The Boss Baby series by DreamWorks.
Twitter user Fxnction has voiced criticism, claiming that celebrities really believe they can get into an industry they don’t know about, never interact with the community, then start projects, cheat, and then quit in three months.
At the time, the project team tried to control the damage; however, it looks like it has his twitter page turned off, and the website is down at the moment too. Users on Twitter also reported being hidden from the project’s Discord channel.
The minimum price of this NFT on OpenSea has fallen 99% and data will stop on December 31, 2021.
Baby Baller Floor Price | Source: Opensea
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