Logan Paul’s latest non-fungible token (NFT) concept has enraged crypto fans, who believe he should be held accountable for founding and sponsoring a slew of dubious crypto ventures.
Paul got a deluge of negative responses after revealing his latest “passion project,” “99 Originals,” on April 12. Users are particularly enraged by the infamous disaster-project CryptoZoo, a series of hybrid animal NFTs that exploded on introduction in August 2021, leaving investors out of pocket.
Zachxbt, a crypto detective, summed up the community’s outrage by reminding Paul of CryptoZoo and his Digital Collectibles series.
“Remember when you rugged everyone for millions with these cash grabs just last year. When will they be reimbursed?”
Where are all the animals from the CryptoZoo Logan? – Community asks
Logan Paul would have to pay a large sum of money to his investors if he sought to reimburse them. One user alone is said to have lost a seven-figure sum as a result of CryptoZoo’s incompetence.
In its whitepaper, CryptoZoo is defined as “an autonomous ecosystem where users may gather, breed, and trade rare animal hybrids.”
Given Paul’s earlier support for the unsuccessful shitcoin Dink Doink, it was also portrayed as a sort of atonement project for him.
For the uninitiated, Dink Doink was a phallically-inspired anthropomorphic cartoon spring shitcoin that quickly depreciated in value and was finally shown to have been developed and designed by Paul.
Unfortunately, Paul’s investors did not immediately gain from CryptoZoo. The so-called original artworks of hybrid animals were really poorly changed stock photographs taken from Photoshop’s image collection, as discovered by Coffeezilla, an internet investigator, immediately after the project’s launch.
According to Coffeezilla, Logan Paul reportedly made $1.8 million from the project prior to its release. However, problems with the initial development team, including underpayment claims, led to further hurdles and a bumpy minting process.
While many early investors have labeled CryptoZoo a fraud or a sham, Paul maintains that the enterprise is neither.
Logan Paul’s latest offering is 99 Originals, and this time the YouTuber is aiming for a more restricted supply of NFTs based on his own images. With fewer NFTs and a more straightforward premise, it appears like there will be fewer things to go wrong this time.