Logan Paul Initiates $2.3M Buy-Back Program for Failed CryptoZoo NFT Game Investors
Summary:
Internet personality Logan Paul has announced a $2.3 million buy-back program for investors in his failed CryptoZoo NFT game. Eligible participants can submit claims on EGGNFTBUYBACK.COM and receive 0.1 ETH for each qualifying NFT. Paul has also launched a lawsuit against the game's developers, accusing them of fraud. CryptoZoo will not be launched due to financial issues and regulatory constraints.
Logan Paul, a well-known YouTuber and Internet personality, intends to provide a refund to some disappointed investors of his failed NFT-based game, CryptoZoo. This initiative comes a year later than initially pledged, and it will see Paul utilise $2.3 million of his funds to repurchase Base Eggs and Base Animals at their initial cost.
CryptoZoo was a planned online game that granted players the ability to acquire, breed, and exchange distinctive animal-NFTs using cryptocurrency. Despite its non-release, buyers have traded over $6.7 million worth of these eggs on OpenSea. Now, Paul has announced a scheme for buying back these game assets at their original price.
In a recent post on X (formerly known as Twitter), Paul admitted he shared the disappointment of his followers that the game never came into fruition. He laid out the details of his buy-back plan which will be conducted on EGGNFTBUYBACK.COM and that claims could be submitted until February 8th.
Eligible participants stand to gain 0.1 ETH (approx. $224) for each qualifying NFT they possess. However, only intact Base Animal and Base Egg NFTs qualify for a refund, 'hybrid' versions do not. Relevant NFTs must remain in the claimants' wallets during the claims process. Participants are also required to forfeit any potential future claims regarding Paul or any associated parties.
In a surprising turn of events, Paul simultaneously launched a cross-complaint lawsuit against CryptoZoo's developers, accusing them of subterfuge and fraud. He has also reaffirmed his promise that he did not profit from the project and the financial difficulties and regulatory constraints stop CryptoZoo from ever being launched.
Published At
1/5/2024 7:15:26 AM
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