American Actor, YouTuber, and social media personality – Paul Logan – is currently sitting on a $623,000 unrealized loss due to his investment in NFTs where he bought a part of the Azuki collection.
Paul’s interaction with cryptocurrencies has not been successful so far. Due to the market crash, the value of his holdings has shrunk by over $500,000.
The popular YouTuber jumped on the crypto bandwagon last spring alongside many others who were getting involved when the prices of most assets were skyrocketing. He joined the NFT craze too, after several months, and spent over $2.5 million on such art. The best of his purchases was an item part of the Azuki collection, for which he paid $623,000 to acquire it.
The unstable condition of the cryptocurrency industry and the NFT niche, has caused the YouTube star to incur severe financial losses, at least on paper. As he recently revealed that the NFT currently trades at $10 – a severe plunge that has raised controversies among the crypto community.
A good number of Twitter users mocked the celebrity for his decision to interact with non-fungible tokens at a time when the space was hyped. While others claimed that digital collectibles are scams and advised people to stay away from them. However, a few people believe that the price collapse is due to the current bear market and that its valuation will recover as soon as the next bull run steps in.
It is worthy of note that he bought the items at a time when NFT transactions were at their peak. At one point last summer, the trading volume on OpenSea surged to over $500 million for a single day, while in the past months, it struggled to exceed $10 million.
Paul also diversified his portfolio with bitcoin and alternative coins. And a while ago, he admitted to losing around $500,000 on those investments as he entered the ecosystem at all-time high levels last year.
Unfortunately, a lot of people have done the same, the cryptocurrency market took a major hit this year, and its total market capitalization stands at less than $1 billion (compared to $3 billion 12 months back).
Featured Image Source: sportskeeda.com
