This year has been tough for non-fungible tokens (NFTs), especially since the general crypto winter began sometime in June. The market meltdown has left the trading sales volume of NFTs plunging roughly 97% since January.
The market winter has impacted a series of digital assets, with many digital assets now shedding more than 70% of their floor prices in the past 90 days. A certain 0N1 Force NFT owned by celebrity Logan Paul is a perfect example, dropping to a fraction of its former value.
Logan Paul’s 0N1 Force NFT is Now Worth $10
Logan Paul, an American YouTube personality, purchased a rare ‘Bumblebee’ 0N1 Force NFT for $623,000 back in 2021. 0N1 Force is an NFT collection featuring 7,777 generative side-profile characters with over 100 hand-drawn features. Today their floor price is just 0.29 ETH on OpenSea.
Popular YouTuber Logan Paul purchased this #NFT for $623,000 in 2021.
Today, it’s worth $10. pic.twitter.com/dp5mUxy0yJ
— Watcher.Guru (@WatcherGuru) October 10, 2022
The NFT artwork has attracted heated discussion online within the crypto community over its current value amid the general bear market. Earlier today, Twitter user Watcher.guru remarked that the artwork has since dropped to $10 in value.
Watcher.guru initially mistook the NFT for an Azuki, as 0N1 Force NFTs have a similar anime style. Some NFT collectors pointed out the error, also stating the Azuki collection was originally a derivative of 0N1 Force before becoming more successful.
‘My NFT is Worth Essentially Nothing’
In a July 13 blog post, Paul confirmed that his NFT artwork had fallen to near-zero.
At the time, he began offering a replica of the NFT artwork to pump its NFT price to prevent it from sinking further.
It’s also worth noting that Logan Paul acquired Rock #65 and Rock #68 NFTs at $60,000 and $95,000, respectively, in August 2021. Again, these digital collectibles are today worth next to nothing, with NFT Rock #65 now offered for just $25 on OpenSea.
A year ago, I spent $623,000 on an NFT. Today, it’s worth essentially nothing.
I’ve immortalized this mistake in 99 Originals with an exact replica helmet & outfithttps://t.co/OzBRdQPxUK pic.twitter.com/srD2h4SgO7
— Logan Paul (@LoganPaul) July 13, 2022
At the time of publishing, the value of other Paul’s collections on OpenSea, which includes NFTs such as CryptoPunks (PUNKs), World of Women (WoW), and Azuki (AZUKI), had dropped significantly in their floor prices.
Nonetheless, the NFT market continues ushering in more and more digital collectibles despite the market meltdown. Last week, Tamadoge unleashed its ultra–rare NFT collection, featuring a limited edition set of 100 dog-themed NFTs.
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