Famous American YouTuber Logan Paul hit the headlines on August 24, 2021, after he spent $623,000 to acquire 0N1 Bumblebee NFT. At the moment, the NFT is worth just $10.
0N1 NFT Collection
The 0N1 NFT collections consist of 10,000 unique and cool anime skateboard characters that went live at a mint price of 1 ETH. Barely three minutes after the debut, the auction was sold out, making 0N1 a prized possession that changed the world of NFTs.
The 0N1 project aimed to create a people-centric community within the metaverse. The mission statement reads:
“…that is by the people and for the people- not a world made by many, owned by the few.”
0N1 NFT ownership gives the holder access to “The Garden,” a virtual space within the project where artists, builders, and Web3.0 hobbyists gather to develop a new decentralized future where inhabitants can prosper freely and openly. Moreover, 0N1 holders also get exposure to a wide range of niche bonuses, including exclusive drops, experiences, and more.
NFT Market In 2022
Although non-fungible tokens (NFTs) were very popular last year, 2022 does not shine a limelight on these digital assets, much to the dismay of holders. OpenSea, the leading NFT marketplace, recorded a 99% drop in trading volume between May and August 2022 alone. With this, even Logan Paul’s 0N1 Bumblebee NFT had dropped in price compared to when he purchased it.
Wall Street Silver, the famed market commentator, was the first source to indicate a significant price drop for the YouTuber’s NFTs. This came following a tweet to his 312,000 followers on Thursday, October 6, saying that Paul’s Bumblebee NFT is now more than 99.99% below its original price. He said:
“Logan Paul paid $623,000 for this NFT worth $10. Draw your conclusions.”
Watcher. Guru underscored the commentator’s post on Monday, October 10, saying:
While this value drop may be shocking to many, Logan appears to have seen this coming several months back. In July, the American YouTuber admitted that his Bumblebee NFT is “worth essentially nothing.” Citing the July tweet:
“A year ago, I spent $623,000 on an NFT. Today, it’s worth nothing; I’ve immortalized this mistake in 99 Originals with a replica helmet & outfit.”
According to data on OpenSea, Logan Paul’s 0N1 Bumblebee NFT is worth only $2,671 today. For price bidding, the Bumblebee NFT values at 2 ETH and records significant price drops by the hour.
From 188 ETH to 2 ETH is a considerable price drop that manifests the strength of the bearish grip in towing the market as the NFT hype continues to fizz out. Adding to this, Delphi Digital reported that trading volume for the metaverse declined by 98%. Citing the published report:
“Interest in the ‘Metaverse’ was kick-started by a set of bullish announcements in Q4 of last year from companies including Meta, Grayscale, and Citibank. After its peak in 2021, trading volume for virtual land has dropped as much as 98%.”
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