Do you know Logan Paul? He is a young millionaire YouTuber who became known by making "fun" videos/vlogs for a very young audience. He became a millionaire on YouTube thanks to his millions of subscribers on the platform.
Well, don't worry, we're not going to talk about Logan Paul to tell you about his "merits", it's not his antics that interest us, you can imagine, indeed.
No, if we're talking to you about Logan Paul, it's because he was interested in cryptos and more specifically NFTs.
Logan Paul: the opportunist or failed businessman?
Without really knowing what NFTs are (obviously in any case), he rushed to this niche for its possible promise of wealth. Remember that Logan Paul also promoted Pokémon cards, leading to numerous scandals. He had in fact bought and sold fake cards…
In short, for NFTs, it is a new opportunity for him to get people talking about him and to enrich himself in the process. That's what the evil tongues say anyway.
He was recently accused of creating a super fake NFT project in August 2021 in which he allegedly stole or misused Adobe Stock images to create poor NFTs. He paid a freelancer to do some photoshop and proposed a kid's project called "CryptoZoo Nft". He said it was 100% original, probably convinced that this was truly original and unique art...
The concept was on CryptoZoo that people could breed, collect and trade hybrid animals via NFTs.
You know what?
The project was certainly criticized by renowned doubters on YouTube (Cofeezilla for example) but it was a proud success among fans. On Twitter, some of these detectives were quick to see the trick and denounced the YouTuber's escapades. This is the case of SteveWillResearchIt who tweeted interesting things.
He summed up the situation well for those who want sell NFTs millions of dollars:
“How to make millions of dollars with NFTs? Step 1. Have the glory. Step 2. Have Photoshop. Step 3. No shame. Step 4. Cash in the Profits!
Logan Paul has not responded to the accusations. It even seems that he has taken a liking to NFTs and now he is embarking on a new project.
He just bought $150,000 worth of NFTs that represent images of rocks. These NFTs are part of the “We like The Rocks” project. The project has made available 100 unique pixelated images of rocks that are being sold for millions of dollars (in ETH) and are available on Opensea.
Stone images worth millions?
Do you think that this is great publicity for the project?
Actually, yes and no.
We just have to remind you that in the world of NFTs, there are a lot of scams. Many dishonest people imitate certain projects (it's very easy with NFTs, you will tell me, a simple copy and paste of the image is enough) and sell NFTs linked to a false project.
So, unsurprisingly, there were two projects related to the projects: “The project We Like The Rocks » (the one Logan Paul bought) and « ether rock ".
EtherRock seems to be a more accomplished project and moreover Justin Sun (the creator of Litecoin would have bought one for the modest sum of 500,000 dollars).
The project “We like the Rocks” was the first project to sell NFTs representing stones. A few weeks later, Ether Rock launched. It was 2017 and NFTs at that time were not as well known as they are today.
Casually, they are among the very first NFTs to have been created and in this way, they have gained a little credibility.
From the outside, the projects are frankly similar. The NFTs are different certainly but remain simply "harmless" as the drawing to be reproduced is simple, as you can judge for yourself. It is the future use that can make the difference.
So let's talk about usage:
What uses for these NFTs?
According to the Ether Rock website, "These virtual rocks serve NO PURPOSE beyond being able to be brought and sold, and giving you a strong sense of pride in being an owner of 100 of the only 1 rocks in the game 🙂"
So, the war broke out like this between the two projects. Everyone wants to pull the opening towards themselves and that's normal.
We still don't have the end of the story. The teams of the two projects on Twitter argue over whether to blame the other. Both say that we must be wary of each other and other competitive kindnesses.
The thing is that Logan Paul's influence is such that many people rushed to buy rock NFTs, without really knowing what they were doing, or what they were investing in...
In short, a nice imbroglio which shows us that the NFT and influencer cocktail is not always fabulous.
Maybe after the crypto fever, the NFT purchased for $150 from Logan Paul will only be worth a few peanuts…
The moral of the day: Always pay attention to the cryptos or projects that we recommend. Always do your research/DYOR. Don't trust anyone who predicts that this or that crypto will increase in value. No one can read the future in a crystal ball.
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Disclaimer: This content is for informational purposes and does not constitute financial advice. We strongly advise our readers to conduct their own independent research before committing to any investment.
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