Logan Paul, the popular YouTuber and social media influencer, has made the decision to reimburse certain dissatisfied investors of his ambitious CryptoZoo nonfungible token (NFT) game. This comes a year after he promised NFT buyers that they would have some recourse.
To fund the “buy back” program, Logan has personally committed $2.3 million. The program will involve repurchasing Base Eggs and Base Animals at their original purchase price for individuals who had intended to play CryptoZoo.
CryptoZoo was a play-to-earn game that allowed players to buy, sell, breed, and trade exotic animals represented as NFTs using cryptocurrency. Logan initially announced the game in August 2021.
Players would purchase Base Eggs, which could be hatched into Base Animals. These animals could then be bred and would yield daily ZOO tokens. Over 3,009 Ether (ETH) worth approximately $6.7 million has been traded on OpenSea.
Expressing his disappointment in a post on X (formerly Twitter), Logan stated, “Like you, I was highly disappointed that the game was not delivered.” He made this statement to his 6.8 million followers on January 4th.
The buy-back program is being conducted through the website “EGGNFTBUYBACK.COM,” and claims can be submitted until February 8th, according to Logan.
As per the terms and conditions, eligible participants will receive 0.1 ETH, currently valued at $224, for each eligible NFT they submit. Successful claimants must refrain from moving their eligible NFTs out of their wallets once they are determined to be eligible.
The terms state that hybrid animal NFTs are not eligible for the buy-back program. Logan also clarified that investors who held CryptoZoo (ZOO) tokens would not be compensated through the buy-back program. According to CoinGecko, ZOO is currently 99.99% below its all-time high price.
Additionally, participants in the buy-back program will be required to waive any present or future claims involving Logan and any related personnel, as stated in the terms.
In his post on X, Logan also announced that he had filed a cross-claim lawsuit against CryptoZoo lead developers Eduardo Ibanez and Jake Greenbaum in a Texas federal court.
Responding to a lawsuit filed by a participant in February 2023, which alleged that Logan, Ibanez, Greenbaum, and two other team members were involved in a fraudulent venture to execute a “rug pull,” Logan shifted the blame to Ibanez and Greenbaum.
Logan stated on X, “CryptoZoo was derailed by bad actors. Bad actors who DID steal money and who betrayed our team while internally sabotaging the game.”
He reiterated in his recent post that he had not made any money from the project. The buy-back program is being implemented almost a year after Logan announced CryptoZoo’s recovery plan.
He has also confirmed that CryptoZoo will not be released due to financial constraints and numerous regulatory obstacles.
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