Logan Paul's NFT Refund: A Year in the Making
Social media influencer and YouTuber Logan Paul is finally making good on a year-old promise to refund investors of his CryptoZoo NFT game. In an initiative funded by $2.3 million from his own pocket, Paul is launching a buy-back program for the game's Base Eggs and Base Animals NFTs at their original purchase price.
CryptoZoo: The Game That Never Was
Announced in August 2021, CryptoZoo aimed to be a play-to-earn game where players could interact with digital "exotic animals" as NFTs using cryptocurrency. The idea was to purchase Base Eggs, hatch them into Base Animals, and earn $ZOO tokens through breeding. Despite trading over $6.7 million in Base Eggs, the game never saw the light of day, leaving many investors disenchanted.
The Buy-Back Offer: Terms and Conditions
Under the buy-back terms, eligible NFT holders can receive 0.1 ETH (about $224) for each NFT. However, claimants must not move their eligible NFTs from their wallets once deemed eligible and must waive any current or future legal claims against Paul and his associates. Notably, Hybrid animal NFTs and holders of the devalued “ZOO” token are excluded from this offer.
Paul's X (Formerly Twitter) Announcement:
On January 4, Paul addressed his 6.8 million followers on X, expressing disappointment at the game's failure and announcing the buy-back website, “EGGNFTBUYBACK.COM,” open for claims until February 8.
Legal Entanglements and Accusations:
In a twist, Paul has filed a cross-claim lawsuit against CryptoZoo’s lead developer Eduardo Ibanez and Jake Greenbaum in a Texas federal court. This move comes in response to a lawsuit filed in February 2023 by a participant, accusing Paul and his team of executing a “rug pull” - a term for fraudulently hyping and then abandoning a crypto project. Paul has countered by blaming Ibanez and Greenbaum for internal sabotage and illicit trading activities.
Final Words and Future of CryptoZoo:
In his post, Paul emphasized that he never profited from CryptoZoo and highlighted the challenges that led to its demise, including financial constraints and regulatory hurdles. The buy-back program, nearly a year after the initial recovery plan announcement, marks an effort to resolve the ongoing saga, though the game itself will not be released.