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Logan Paul’s newest NFT project has sparked outrage among the community

Logan Paul’s latest non-fungible token (NFT) idea has prompted outrage in the crypto community, with many demanding that he be held accountable for launching and pushing a spate of highly dubious crypto enterprises.

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Paul received harsh feedback after announcing his next “passion project,” “99 Originals,” on April 12. Users are particularly enraged by the infamous disaster-project CryptoZoo, a series of hybrid animal NFTs that exploded on introduction in August 2021, leaving investors out of pocket.

Zachxbt, a crypto detective, summed up the community’s outrage by reminding Paul about CryptoZoo and his Digital Collectibles series.

“Remember how you ripped everyone off for millions last year with these cash grabs?” “When will they be paid?” he inquired.

If Logan Paul tried to repay his investors, he would have to pay a lot. Due to CryptoZoo’s negligence, one user alone is claimed to have lost a seven-figure sum.

CryptoZoo is a failure

CryptoZoo was described as “an independent ecosystem where users can gather, breed, and trade exotic animal hybrids” in its whitepaper.

It was also described as a redemption endeavor for Paul, considering his previous advocacy of the flopped shitcoin Dink Doink. Dink Doink, for the uninitiated, was a phallically-inspired anthropomorphic cartoon spring shitcoin that immediately fell in price and was eventually proven to have been invented and designed by Paul.

Unfortunately, Paul’s investors did not benefit from CryptoZoo right away. Coffeezilla, an internet sleuth, uncovered shortly after the project’s announcement that the so-called original artworks of hybrid creatures were actually poorly modified stock images stolen from Photoshop’s image collection.

On September 10, Coffeezilla commented on his YouTube channel, “Basically it’s looking like what happens when you give a five-year-old Photoshop.”

Logan Paul reportedly made $1.8 million from the project prior to its introduction, according to Coffeezilla. However, issues with the initial development team, including allegations of underpaid wages, resulted in additional challenges and a rocky minting process.

While many early investors have labeled CryptoZoo as a fraud or a sham, Paul maintains that the enterprise is neither.

“We got ourselves involved with the wrong individuals who made some faults and blunders, and we now have a terrific team that is still working on it,” Paul stated in an April 12 interview with The Block.

Paul claims that throughout the formation of CryptoZoo, he surrounded himself with the wrong individuals and that the project is now in a better position to move ahead. Paul has moved on to his next “passion project” with CryptoZoo on life support but is determined to continue.

99 Originals intends to have a limited release

Paul’s latest offering is 99 Originals, and this time the YouTuber is aiming for a more restricted supply of NFTs based on his images. With fewer NFTs and a more straightforward premise, there will be fewer things to go wrong this time.

Is there a chance that the YouTuber has learned from his previous mistakes? He and his brother, Jake Paul, have a wealth of cryptocurrency experience. But, unfortunately, not much of it is encouraging.

ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

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Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

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ART & COLLECTABLES

Crypto-Vultures Profit from the Death of Queen Elizabeth

Only a few hours after the Queen’s passing, more than 40 meme tokens bearing her name have been released.

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Yesterday, according to Buckingham Palace, Her Majesty Queen Elizabeth II passed away. Although her loss triggered a global outpouring of sympathy and grief, it has also been exploited as a money-grab.

Elizabeth II, monarch
Grift endures eternally, but the Queen is gone.

There are over 40 meme coins on Ethereum and the Binance Smart Chain thanks to Queen Elizabeth’s passing (and at least one exploitative NFT collection).

While the news of the British monarch’s demise saddened people worldwide, cryptocurrency scammers took advantage of the occasion to launch dozens of meme coins with Queen themes on Ethereum and Binance’s BNB Chain.

Among the new crypto coins that were introduced are “Queen Elizabeth Inu,” “Queen Doge,” “God Save The Queen,” “London Bridge Is Down,” “Queen Grow,” “Rip Queen Elizabeth,” “Elizabeth II,” and “Queen Inu II.” Other tokens with the name of the next king, King Charles III, have also appeared. According to DexScreener, at least 40 separate meme coins appear to have been produced in the previous six hours.

The most liquid tokens, Save The Queen and Queen Elizabeth Inu, have already processed trade volumes of around $700,000 and $200,000 since their debut. At the time of writing, the price of Queen Elizabeth Inu is up 1,517%, while it has increased by 23,271% on Binance Smart Chain and 3,708% on Uniswap. Prices are incredibly unstable and exceedingly unlikely to persist.

The “Queen Elizabeth 69 Years NFT” NFT set has reportedly been produced. One image is said to represent each year of the Queen’s reign in the collection. The project’s aims should be questioned because Elizabeth II reigned for 70 years, not 69.

The crypto community, typically known for its gallows humor, mainly reacted negatively to the initiatives. When told about the NFT collection, NFT aficionado ThreadGuy said, “You’re going to hell.” Trader Byzantine General declared, “We’ve got to stop this crypto stuff.”

In 1926, Queen Elizabeth was born. She was the longest-reigning British monarch in history and passed away in Balmoral Castle at 96.

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ART & COLLECTABLES

One crypto sector, according to billionaire Chamath Palihapitiya, is experiencing a classic bubble cycle

One crypto sector may be going through a typical hype cycle, according to billionaire investor and software entrepreneur Chamath Palihapitiya.

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In a new episode of the All-In podcast, the CEO of Social Capital discusses the sharp decline in trading volume in the non-fungible token (NFT) market.

Palihapitiya offers Coachella and Burning Man as examples of major music festivals that strive to be distinctive but may wind up being mostly the same.

The billionaire contrasts NFTs and the overall art market with the two music events.

“I do believe that there is something going on; the simplest way to explain this is with the Burning Man/Coachella scenario. Many of these things are similar, but when some people approach anything new, they are too insecure to accept that it is similar to another item, so they spend a lot of time attempting to convince you that it is different. When someone says that a time is different, it’s probably not that different, as stated in the Warren Buffett quote, is an example. Or consider the other famous historical adage, “Things don’t always repeat in history, but they rhyme.”

All of this is meant to imply that, aside from major advances in science, not much new has been discovered recently. We keep repeating the same patterns, and one of them is the social capital that comes from making certain decisions and then having those decisions validated by others in order to feel valuable. And this occurred in NFTs, as well as, I’m sure, in the initial stages of several artistic movements. These events are more comparable than dissimilar because they have presumably occurred in a number of other markets as well.

Burning man and Coachella are same. The art market and NFTs are both the same. It doesn’t need to be unusual; you can simply appreciate it because you think it’s cool. I would just take it with a grain of salt and tell anyone who comes to you asking why it’s so different.

DappRadar reports that earlier last week, trading volume on popular NFT marketplace OpenSea reached a one-year low.

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