Logan Paul, an American YouTube personality, has an NFT dubbed Azuki Bumblebee, whose price has dipped sharply since he first bought it in 2021.
The Azuki collection comprises 10,000 hand-drawn profile picture avatars that secure a buyer’s inclusion in an exclusive Web3 community, airdrops, and a Discord community.
Logan Paul initially confirmed that the Azuki bumblebee NFT price had fallen to “essentially nothing” on July 13, 2022, offering a replica of the digital art in a new collection called 99 Originals, a Logan Paul NFT series.
At press time, the floor price of the collection was 9 ETH, white Logans Uzuki NFT had abid of 2 ETH. according to nftpricefloor.
Logan Paul jumped on the NFT bandwagon in 2021
During the heady days of 2021 that saw popular collections like Bored Ape Yacht Club surge, Logan Paul ran an NFT sale in Feb. 2021 using Forj, a company targeting the mass adoption of Web3 and NFT tech. Each of the 3,000 NFTs offered was priced at 1 ETH.
In Dec. 2021, Logan Paul revealed that he had spent $2.645 million on NFTs in 2021, with the Azuki NFT being the most expensive, thanks to the decline in NFT prices, the NFT value of Logan Paul Bumblebee NFT collection is likely well below his investment amount. According to OpenSea, he currently holds 4500 NFTs.
Tough year as NFT prices tank
NFT Trading volume has fallen 97% from $17 billion in Jan. 2022 to $466 million in Sep. 2022, as broader crypto markets tanked this year and investors sought to rid themselves of speculative assets like NFTs.
Despite a negative macro outlook, Ethereum NFT sales did see a brief surge following the completion of the Ethereum Merge in mid-Sep. 2022. Sales volumes for the popular Bored Ape Yacht Club collection surged 187% 24 hours after the merge. Bored Apes are owned by Chain CEO Deepak Thapliyal, and actor Seth Green, amongst others.
CryptoPunks, another popular collection, saw a 56% increase in sales volume, despite sales falling below $100 million for the seventh consecutive month.
OpenSea’s trading volume hit a long-term low in Aug. 2022.