t’s a perfect reflection of how far the market has fallen over recent months, and the surest sign yet that the bubble surrounding non-fungible tokens has well and truly burst.
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Crypto Twitter has been abuzz with speculation about a NFT that Logan Paul bought.
A screenshot — apparently from the YouTuber’s Snapchat — suggested that a crypto collectible he bought for $623,000 was now worth just $10.
It’s a perfect reflection of how far the market has fallen over recent months, and the surest sign yet that the bubble surrounding non-fungible tokens has well and truly burst.
But according to DappRadar, things may not be as bad as they seem.
Logan Paul’s NFT is from the 0N1 Force collection, which features 7,777 characters.
The celebrity bought it for 193.12 ETH, which is worth about $254,000 at the time of writing.
While the floor price of the collection stands at 0.288 ETH, or $379.24, the estimated price for this NFT stands at 6.8 ETH — $9,000.
Although its value has plunged by 98.5% since his purchase, it’s still some way off $10.
