Logan Paul Plans to Buy Back CryptoZoo NFTs a year after Pledging Refunds
TL; DR
Paul Logan has promised to refund CryptoZoo NFT victims.
Each eligible NFT holder will get 0.1 ETH per NFT.
Logan has sued the CryptoZoo lead developers for the failure of the game.
Introduction
The unique thing about digital assets is that they are easy to develop and launch, although they require large investments. But the sad thing is that some of these assets may perform poorly on the market leading to loss of invested funds.
Today, we assess how CryptoZoo NFTs failed to attract many investors and fanatics. We also look at Logan Paul’s plan to refund every disgruntled and eligible NFT investor.
Logan Paul Announces Plan to Refund Disgruntled NFT Investors
Logan Paul, a crypto influencer and Youtuber, plans to make a refund to his disgruntled investors for the failed CryptoZoo NFT. After a year’s promise, Logan has reaffirmed his commitment to give NFT refunds to individuals who invested in the CryptoZoo game.
So, he has set aside $2.3 million for NFT game refund. He will use that amount to buy back Base Eggs and Base Animals at the price at which every investor paid.
CryptoZoo was a play-to-earn game that was never released due to various technical issues. If it was released it would allow the players to buy, breed, trade and sell exotic animals, represented by NFTs. Many NFT investors have been trading over 3,009 CryptoZoo NFTs on OpenSea.
Logan made the announcement to refund CryptoZoo NFT victims on his X account. He said, “I am incredibly happy to announce that I am delivering on my promise to buy back Base Egg and Base Animal CryptoZoo NFTs for their original purchase price.”
Source: x.com
He added, “Like you, I was highly disappointed that the game was not delivered.” Logan directed the NFT victims to make their claims at “EGGNFTBUYBACK.COM” The investors that were affected by the CryptoZoo crash have up to 8 February to make the claims.
Nevertheless, the claimants should observe several terms and conditions of the NFT buy back program. First, every claimant will receive 0.1 ETH, equivalent to about $224, for every eligible CryptoZoo NFT. Also, the victims should not remove their NFTs from their wallets after being considered eligible.
Read also: How Not to Fall For NFT Scams
However, not all CryptoZoo NFTs will be eligible for the buy back program. For example, Logan will not purchase hybrid animal NFTs. Concerning this, he said, “This buy-back is a way for me to make whole those who intended to play CryptoZoo. The buy-back is not intended to compensate those who gambled on the crypto market and lost.”
The Current State of the CryptoZoo Game
Logan made it clear that the CryptoZoo game will not be launched although he invested much funds in it.
He clarified on X.com, “The game itself will not be released. I personally spent $400,000 to have it developed and after its completion in early 2023 & some further diligence, unfortunately, there are too many regulatory hurdles that would need to be cleared that I did not originally understand and would ultimately delay this buy-back even further.”
The crypto influencer also said that he did not make an income from the game. He added, “I never made a single penny from the project, period. In fact, the opposite is true, because I spent hundreds of thousands of dollars trying to make it happen.”
From ambition to realities: Paul Logan’s Journey with CryptoZoo
Logan designed CryptoZoo as a play-to-earn game similar to Pokémon. The game started well with a promise of intrigue and a narrative of aspiration. Since it seemed to offer much to the gaming community, Logan actively promoted it. He premised it as “a really fun game that makes you money.”
Although Logan invested more than $400,000 into the game and investors purchased more than 10,000 NFTs, sold at 0.1 ETH each, there were many hurdles that led to the NFT fall down. Apart from the NFTs, there was also the Logan Paul crypto, ZOO, which was supposed to power the gaming platform.
Basically, the team failed to live by its promises as it kept changing the timelines. As a result, dissatisfaction grew among the investors. Later on, there were allegations of fraudulent activities which led to legal battles. In the end, Logan distanced himself from the game which marked the beginning of its end.
On 2 February 2023 attorneys from Ellzey & Associates and Attorney Tom & Associates filed a class action lawsuit against Logan Paul and his colleagues in the Western District of Texas. That legal action might have forced Logan to consider buying back the NFTs and bring an end to his ambitious play-to-earn game.
Read also: How to Buy CryptoZoo on Gate.io
Legal Action Unleashed: Pursuing Key Figures in the fall of CryptoZoo
Logan also announced a cross-claim lawsuit he filed in a Texas federal court against Eduardo Ibanez and Jake Greenbaum, the two CryptoZoo lead developers. In the lawsuit filed in February 2023 Logan, alongside Ibanez and Greenbaum, were accused of operating a fraudulent venture aimed at uting a rugpull.
Nonetheless, Logan shifted the blame to the two leading developers, Ibanez and Greenbaum, whom he accused of internally sabotaging the game project.
In his own words, he said, “CryptoZoo was derailed by bad actors. Bad actors who DID steal money and who betrayed our team while internally sabotaging the game. This has now been confirmed by an extensive investigation that has involved a forensic analysis of blockchain activity and the review of thousands of communications.”
The aim of the lawsuit against Ibanez and Greenbaum is to hold them accountable for their Nefarious trading activity which led to the loss of investors’ funds. They are also responsible for the failure of the CryptoZoo game. Although the team will not release the game Logan is seeking legal solutions to the cited issues.
Read also: Watch Out for NFT Scams - How to Distinguish True and False NFT?
Conclusion
The crypto influencer and Youtuber, Paul Logan, has promised to refund the NFT victims. Each holder of base eggs and base animals will receive 0.1 ETH per NFT after he/she has made a claim to that effect. In the meantime, Logan has sued the two lead CryptoZoo developers, Ibanez and Greenbaum, for nefarious trading and failure of the game.
FAQs about cryptoZoo NFT Game
What is Cryptozoo?
Cryptozoo is a play-to-earn game that would enable players to buy, trade, hold and sell exotic animals. This NFT game that belonged to Paul Logan failed before its launch.
Who is Logan Paul?
Logan Paul is a Youtuber and crypto influencer who was behind the development of the CryptoZoo game. Eduardo Ibanez and Jake Greenbaum, who were the lead developers, shoulder the blame for cryptoZoo failure as they sabotaged its development.
