The famous American YouTuber Logan Paul — best known for his popular IMPAULSIVE podcast – proactively tackles the aftermath of his ‘CryptoZoo’ NFT projectwhich did not start as planned.
A specific website has been set up for investors to submit their claims, reflecting the famous influencer’s commitment to resolving the fallout from the game’s failure.
Today, I’m incredibly happy to announce that I’m making good on my promise to repurchase Base Egg and Base Animal CryptoZoo NFTs at their original purchase price. This buyback program is conducted at https://t.co/XIQzLAGKiG. Claims can be submitted through this site… pic.twitter.com/VMPDHvdXkq
— Logan Paul (@LoganPaul) January 4, 2024
Logan Paul’s high expectations and harsh reality
Announced by Logan in 2021, the CryptoZoo game was marketed as an engaging and profitable animated NFT gaming project. Inspired by Pokémon, it promised players the ability to hatch, breed, collect and trade unique animal hybrids on the blockchain. Despite its initial success selling 11,000 NFTs, the game never launched.
Logan claims he only had the best intentions for CryptoZoo and claims he did not profit from the project. He claims to have spent $400,000 on its development, and although the game was completed in early 2023, he faced unforeseen regulatory challenges that prevented its release.
He expresses his disappointment over the game’s non-release and emphasizes that the $2.3 million buyback program is intended to compensate those who invested in the game, and not those who speculated in the crypto market.
Indicting key figures in the demise of CryptoZoo
In a new legal development, Logan is suing Eduardo Ibanez, the lead developer of CryptoZoo, and Jake Greenbaum, known as “Crypto King,” for their responsibility for the game’s failure.
Legal documents reveal early warning signs of trouble, including suspicious trading activity with $ZOO tokens shortly after the game’s launch. $ZOO’s market capitalization experienced a significant decline, dropping from approximately $130 million to $26 million, reportedly as a result of this activity.
Although Logan confirms that CryptoZoo will not be released, he hopes to find a solution through the legal system. His experience with CryptoZoo provides a cautionary tale and learning opportunities for enthusiasts and entrepreneurs alike in the ever-evolving digital asset landscape.
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