The floor prices for Logan and Jake Paul’s NFT collections have dropped a hefty 62% and 98%, respectively, since their all-time highs.
The monumental growth of the nonfungible token (NFT) sector in 2021 was a double-edged sword. While it may have transformed the wealth of countless investors and artists alike, it also gave birth to an alarming trend of popular figures who pounced on the tech to turn JPEGs into a quick profit.
Here, we’ll take a look at four influencers and celebrities who allegedly threw quality and utility out the window to vacuum capital out of their supporters’ pockets amid a year plagued by a global pandemic, labor shortages, unstable finances and supply chain shortages.
Logan Paul
For any crypto enthusiasts who don’t know Logan Paul, he is a controversial YouTube “content creator” who has more than 23 million subscribers. His audience is primarily built up of young and impressionable individuals to whom he gladly sells merchandise, among other things.
Paul’s NFT project “CryptoZoo” launched around last September and features egg NFTs that can be hatched into hybrid animals that are derived from the combination of two easily searchable Adobe stock images.
Paul claims that he spent more than $1 million to launch “CryptoZoo,” and the project’s description on NFT marketplace OpenSea describes itself as an “addicting game that provides real-life value,” although it is unclear what that actually means.
At the time of writing, the NFTs’ floor price sits at a respectable 0.15 Ether (ETH) or $573. However, the figure marks a whopping 62% decrease from its all-time high in November.
the best part about this: we’re not just an NFT. we’re not just a token. @CryptoZooCo is a GAME… the best is yet to come https://t.co/fK2hzlMFU9
— Logan Paul (@LoganPaul) September 5, 2021
Paul was an avid crypto supporter throughout 2021 and was a major promoter (and alleged co-founder) behind a crypto token dubbed “Dink Doink,” which is now down 97.6% from its launch price with a current 24-hour trading volume of around $15.
Jake Paul
All good things come in pairs, and Logan’s divisive brother, Jake, also made a splash in 2021 when he milked the proverbial NFT cash cow.
The younger Paul’s career has taken a slightly different twist than his brother’s in that he transitioned from YouTube to boxing retired UFC fighters who are known for their lack of boxing ability.
Paul is reportedly one of the founders behind the “Stick Dix” NFT project that launched in November and features artwork depicting hand-drawn stick figure people with enlarged phalluses. The project’s roadmap outlines that it will invest $300,000 into influencer marketing and drop exciting things, such as the “Stick Dix” clothing line.
Just broke up with my girlfriend because she didn’t mint a Stick Dix @StickDixNFT
— Jake Paul (@jakepaul) November 3, 2021
Unsurprisingly, the NFT project hasn’t been doing well of late in terms of its floor price, with OpenSea showing that it has decreased around 98% since its brief all-time high in November to sit at 0.002 ETH ($7) at the time of writing.
Tekashi 6ix9ine
Popular rapper Tekashi 6ix9ine, or Daniel Hernandez, reportedly distanced himself from an NFT project he promoted that some investors described as a “huge scam” last month.
According to a report from Rolling Stone on Dec. 17, the “Trollz Collection” featuring 9,669 Tekashi 6ix9ine-style avatars, was brought to a halt after one of the project’s Discord moderators apparently went rogue in a botting attack on the group, spamming fake minting links that swindled the user’s funds.
In response to the hack, the “Trollz Collection” team decided to stop allowing further mints and capped the project at 4,797 NFTs. Tekashi 6ix9ine also deleted his social media posts about the project and changed his NFT avatar profile picture online to a different photo.
An investor named Jacob who withheld his last name out of privacy told the publication that he spent $40,000 on the project due to its ties to Tekashi 6ix9ine and its roadmap, which promised the launch of a blockchain game, governance rights and charitable donations.
Jacob claimed that none of those things are yet to surface, with reports of the crypto game slated for launch last November going cold.
“It turned out to be a huge scam,” Jacob said.
THE BIGGEST NFT PROJECT IN THE WHOLE INDUSTRY !! THEY DON’T COMPARE ! pic.twitter.com/zofOx3AYwR
— Trollz NFT official backup page (@trollz69nft) October 26, 2021
John Wall
The team behind NBA superstar John Wall’s NFT project found itself in hot water in September after the NFT community spotted that the art depicted in his NFTs appeared to be ripped off from the online game Fortnite.
BABY BALLERS #NFT
Win FREE Mints!
Daily ETH Prizes!Join their Discord for Prizes
Entry requirements ⬇️
Join https://t.co/ynT4TBKJO9
️ Invite 3+ friends to the discord!#NFTs #NFTdrop #NFTGiveaway #NFTart #NFTCommunity pic.twitter.com/lRlq6yuepj— CryptoRocket (@crypto_bearr) September 21, 2021
The “Baby Ballers” collection comprises 4,000 NFTs featuring unique cartoon baby basketballers. The artwork has since been changed to feature original artworks. However, in its formative stages, the NFTs featured background images that looked exactly the same as screenshots from Fortnite, while others had alleged the babies were heavily derived from DreamWorks’ The Boss Baby franchise.
John, why is the background of your NFT ripped directly from a Fortnite screenshot? pic.twitter.com/tgcV8XeYaq
— themariokarters (@themariokarters) September 22, 2021
“Celebrity cash-grabs like this John Wall NFT coming out show that these celebs think they can take from the community,” said Twitter user Fxnction, adding, “Celebs really think they can come into an industry they know nothing about, never interact with the community, then launch a scam project they’ll abandon in three months?”
The team behind the project attempted to do damage control at the time; however, it appears that its Twitter page has since been deleted, while the website is also down at the time of writing. Users on Twitter have also reported that they have been ghosted on the project’s Discord channel.
The floor price on OpenSea paints a grim picture as well, down 99% to sit at 0.001 ETH or $3.
The post The worst influencer and celebrity NFT cash grabs of 2021 appeared first on CoinRegWatch.
Check live crypto rates here
Start trading today – See our list of exchanges
I wish to express my gratitude for your kind-heartedness giving support to those who really need help with this one situation. Your special dedication to getting the message around came to be definitely good and have surely permitted employees much like me to arrive at their objectives. Your warm and friendly hints and tips denotes a whole lot a person like me and far more to my colleagues. Thanks a lot; from each one of us.
You are a very clever individual!
There are some fascinating deadlines in this article but I don?t know if I see all of them center to heart. There’s some validity but I will take hold opinion till I look into it further. Good article , thanks and we would like more! Added to FeedBurner as well
You really make it seem so easy with your presentation but I in finding this matter to be actually one thing which I believe I might never understand. It sort of feels too complex and very wide for me. I’m taking a look ahead on your subsequent post, I?ll attempt to get the hang of it!
It’s appropriate time to make some plans for the future and it is time to be happy. I have read this post and if I could I wish to suggest you some interesting things or tips. Maybe you could write next articles referring to this article. I want to read even more things about it!
I was suggested this blog by my cousin. I am now not sure whether this publish is written by way of him as nobody else recognize such distinct approximately my difficulty. You’re amazing! Thanks!
I don?t even know how I ended up here, but I thought this post was great. I do not know who you are but definitely you are going to a famous blogger if you aren’t already 😉 Cheers!
It is best to take part in a contest for one of the best blogs on the web. I’ll suggest this site!
Thanks for your write-up. I would love to say that the first thing you will need to carry out is verify if you really need credit improvement. To do that you have got to get your hands on a duplicate of your credit history. That should never be difficult, because government necessitates that you are allowed to get one cost-free copy of your credit report every year. You just have to consult the right men and women. You can either find out from the website for that Federal Trade Commission or contact one of the main credit agencies immediately.
Great post made here. One thing I’d like to say is the fact most professional domains consider the Bachelors Degree just as the entry level standard for an online course. Though Associate Certifications are a great way to get started, completing your current Bachelors reveals many entrances to various employment goodies, there are numerous online Bachelor Course Programs available from institutions like The University of Phoenix, Intercontinental University Online and Kaplan. Another concern is that many brick and mortar institutions provide Online versions of their diplomas but often for a extensively higher fee than the providers that specialize in online diploma plans.
I think that is among the so much significant info for me. And i’m satisfied reading your article. However should observation on few basic issues, The site style is ideal, the articles is in point of fact excellent : D. Just right activity, cheers
I was recommended this blog via my cousin. I’m now not certain whether or not this submit is written by way of him as no one else recognize such targeted approximately my difficulty. You’re incredible! Thank you!
I don?t even know how I ended up here, but I thought this post was good. I do not know who you are but definitely you’re going to a famous blogger if you are not already 😉 Cheers!
I am not sure where you’re getting your information, but good topic. I needs to spend some time learning much more or understanding more. Thanks for fantastic information I was looking for this info for my mission.
Thanks a lot for sharing this with all people you actually know what you are talking approximately! Bookmarked. Please also consult with my website =). We could have a hyperlink change contract among us!
I am not sure where you’re getting your information, but great topic. I needs to spend some time learning more or understanding more. Thanks for magnificent information I was looking for this info for my mission.
I loved as much as you will receive carried out right here. The sketch is attractive, your authored material stylish. nonetheless, you command get bought an nervousness over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly very often inside case you shield this hike.
The things i have generally told people today is that when you are evaluating a good on-line electronics shop, there are a few components that you have to think about. First and foremost, you should really make sure to find a reputable along with reliable store that has received great critiques and classification from other buyers and industry professionals. This will make sure that you are getting along with a well-known store that can offer good assistance and aid to the patrons. Many thanks for sharing your ideas on this blog site.
Wow, amazing blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your site is magnificent, as well as the content!
This is really interesting, You’re a very skilled blogger. I’ve joined your rss feed and look forward to seeking more of your fantastic post. Also, I have shared your web site in my social networks!
I?d have to verify with you here. Which isn’t one thing I usually do! I enjoy studying a submit that can make individuals think. Additionally, thanks for allowing me to comment!
Pretty nice post. I just stumbled upon your weblog and wished to say that I have really enjoyed browsing your blog posts. In any case I?ll be subscribing to your feed and I hope you write again soon!
Thanks for another informative website. The place else may I get that kind of info written in such an ideal manner? I’ve a challenge that I am just now operating on, and I’ve been at the look out for such information.
I like what you guys are up too. Such clever work and reporting! Carry on the superb works guys I?ve incorporated you guys to my blogroll. I think it’ll improve the value of my website 🙂
Helpful information. Fortunate me I found your website unintentionally, and I am surprised why this accident did not happened in advance! I bookmarked it.
Generally I don’t read article on blogs, but I would like to say that this write-up very forced me to try and do so! Your writing style has been amazed me. Thanks, very nice post.
Thanks for the guidelines shared using your blog. Yet another thing I would like to express is that fat reduction is not exactly about going on a dietary fads and trying to get rid of as much weight as possible in a few days. The most effective way to shed pounds is by taking it slowly and right after some basic guidelines which can assist you to make the most through your attempt to shed weight. You may recognize and be following most of these tips, yet reinforcing awareness never does any damage.
Some tips i have generally told people today is that while searching for a good on the net electronics shop, there are a few issues that you have to remember to consider. First and foremost, you should make sure to find a reputable and reliable retailer that has got great critiques and rankings from other people and industry leaders. This will ensure that you are dealing with a well-known store that gives good support and assistance to it’s patrons. Many thanks sharing your opinions on this blog.
Thanks for sharing excellent informations. Your web-site is very cool. I am impressed by the details that you have on this web site. It reveals how nicely you perceive this subject. Bookmarked this web page, will come back for more articles. You, my friend, ROCK! I found simply the info I already searched everywhere and simply could not come across. What a great website.
Great post. I was checking continuously this weblog and I am impressed! Very helpful info specifically the last phase 🙂 I care for such information much. I used to be seeking this certain information for a very lengthy time. Thank you and good luck.
I was more than happy to seek out this web-site.I wished to thanks in your time for this glorious read!! I undoubtedly having fun with every little little bit of it and I’ve you bookmarked to check out new stuff you blog post.
An interesting discussion is worth comment. I think that you should write more on this topic, it might not be a taboo subject but generally people are not enough to speak on such topics. To the next. Cheers
Thank you for another informative web site. Where else could I get that type of info written in such a perfect way? I’ve a project that I am just now working on, and I’ve been on the look out for such information.
One more thing is that when evaluating a good on the internet electronics store, look for online shops that are frequently updated, preserving up-to-date with the newest products, the most beneficial deals, plus helpful information on products and services. This will ensure that you are doing business with a shop that stays ahead of the competition and offers you what you need to make knowledgeable, well-informed electronics buys. Thanks for the crucial tips I have really learned through the blog.