- Logan Paul’s CryptoZoo was designed as a game where players bought, sold and raised virtual animals using cryptocurrency.
- After the game failed, Paul announced that he began the process of buying back NFTs from fans who lost money in his game.
- Paul will refund players 0.1 Ether, a cryptocurrency, per NFT purchased.
Logan Paul has begun the process of buying back NFTs from fans who lost money in his failed CryptoZoo cryptocurrency game. The YouTube star announced the CryptoZoo game in 2021, but despite his fans spending millions of dollars on game tokens, the game never came to life. Paul, 28, has now said he will buy back the tokens, provided fans who accept them don’t sue him. It’s unlikely fans will get their full money back.
CryptoZoo would be a game where players buy, sell and raise virtual animals using cryptocurrency. “It’s a really fun game that makes you money,” Paul said at the time. He was encouraging people to buy cryptocurrency collections for this game. But after selling millions of dollars worth of NFTs and cryptocurrencies, he stopped talking about CryptoZoo and seemingly abandoned the project.
After another YouTuber, Coffeezilla, shared a series of videos showing his investigation into the project in December 2022, Paul apologized, saying he wanted to correct his work. A year later, it announced it was initiating a buyback process that it said would cost it $2.3 million. Logan Paul will refund players 0.1 Ether, a cryptocurrency, per NFT purchased.
NFTs were first sold for 0.1 Ether in September 2021. However, since the launch of CryptoZoo NFTs, their monetary value has fallen by 37%. This means fans will still lose out financially. In a post on he wrote. Additionally, Paul added that the buyback is not intended to compensate those who gambled and lost in the crypto market and that the game was not designed as an investment tool.
Compiled by: Fatma Ebrar Tuncel