Its collection of NFTs, delivered in 2021, promised its holders to earn the Zoo cryptocurrency by breeding hybrid animals.
Another scam in the world of NFTs (non-fungible tokens)? This time, it is on the initiative of the youtubeur with 23 million subscribers Logan Paul, sadly known for having staged himself in the “forest of suicides” in Japan a few years ago. Despite the controversy created around his video, the 27-year-old still has millions of views for each post. He also takes the opportunity to launch projects for his community.
“The rarer your pet, the more it pays”
His latest idea? Linking NFTs, cryptocurrencies and the world of animals. Riding on the NFT boom in 2021, Logan Paul launched his own collection of NFTs, dubbed CryptoZoowith tokens represented by eggs of hybrid animals.
“CryptoZoo is an autonomous ecosystem where users can buy, sell and trade exotic hybrid animal NFTs. Hybrids are classified by rarity, the rarer your animal, the more it earns!”, Can we read on the OpenSea platform where the NFTs are on sale.
As a reminder, an NFT (“non-fungible token”) is a digital title, issued by a blockchain (mainly Ethereum), and associated with a digital asset (photo, video, etc.). Each NFT is unique and cannot be reproduced. NFTs are used in art, the luxury sector or for trading cards in sports.
The project makes great promises to the holders of these famous NFTs, such as offering to participate in a “viral, fun and addictive game that provides real value”. Understand: that makes you money.
“Thousands of Dollars”
Users could “collect and breed exotic hybrid animals that bring zoo cryptocurrency to the blockchain,” the project announced when it launched. However, more than a year later, no game has been launched and the project has caused the holders of these NFTs to lose more money than their reporters.
Last month, the project was called a “scam” by Stephen Findeisen, known as Coffeezilla on YouTube.
The latter is said to have “spoken with investors around the world who claimed to have spent hundreds, even thousands of dollars on CryptoZoo NFTs and who were angry with Paul”, reports the BBC.
Following this accusation, Logan Paul said he would “take responsibility, apologize and present a plan in the near future”. Despite these fine promises, more than 1,350 users have purchased the NFTs from this collection, according to data provided on OpenSea.
Many purchases (at around $100) have even been made in the past few days. A group of CryptoZoo victims has also been created on Discord, with more than 300 users so far.