thecoinrepublic.com
The NFT sector has seen enormous growth during the last year where the digital art made its creators to investors to holders all rich. Their value attained new heights and it led to more people interested in the space. The popularity of newly curated digital innovation spread like wildfire and more and more people wanted to surf the NFT wave.
However, this year did not go along as expected following the performance of last year. Since the start of this, not only the NFT space but the whole crypto industry has been through heavy ups and downs. A series of incidents took place and made the situation worse.
War between Russia and Ukraine—still continued, Fed interest rates hike, crypto regulations uncertainty, fall of Terra (LUNA) ecosystem and several others resulted in such a situation which made crypto as well as NFT market suffer.
An instance reported recently could clear the scenario of what the NFTs are facing in reality in terms of their value. Famous YouTuber Logan Paul lost a significant amount from his crypto and NFT investments.
Paul is an actor, YouTuber and well-known social media personality and held an NFT from Azuki NFT collection. Following the ongoing trend at the time, he also took a hold over several assets amidst the skyrocketing value. After crypto, he found his interest in NFT and purchased approx 2.5 million USD worth of digital art collectibles. The NFT from Azuki collection was one of his heaviest investments which cost him 623K USD at the time.
The heavy blow against the NFT space also took away the charm of Paul’s NFT also. He disclosed the current worth of his Azuki NFT to be around 10 USD only.
As expected, people went on to Twitter and started mocking the YouTuber for his decision to invest in such an NFT or blindly following the hype within the space. Many people also came up claiming the NFTs as scams and seemed to be advised to stay away from digital art.
In contrast, many people were also there to support the crypto assets and NFTs and blamed the ongoing bear market for their pathetic situation. They also expected once the current phase of crypto winter will be over, then these assets will take another bull run.
Paul bought the NFTs during the peak time when non–fungible items were booming. It was the same time when NFt marketplace OpenSea reportedly reached a single day trading volume of more than 500 million USD. However, the same platform has suffered the massive shed and hardly holding the 10 million USD in volume.
As far as social media star’s crypto investments are concerned, his portfolio consisted of bitcoin and several altcoins. However, he himself admitted lately about the loss of approx 500K USD on his investments.