Social media influencer and wrestler Logan Paul has taken steps to compensate those affected by the debacle of the non-fungible token (NFT) project known as CryptoZoo.
In a recent announcement through the platform X (formerly Twitter), Paul has reaffirmed his commitment to repurchase the Base Egg and Base Animal NFTs from CryptoZoo at the original acquisition price, allocating more than $2.3 million for this initiative.
Today, I am incredibly happy to announce that I am delivering on my promise to buy back Base Egg and Base Animal CryptoZoo NFTs for their original purchase price. This buy-back program is being carried out at https://t.co/XIQzLAGKiG. Claims can be submitted through this site… pic.twitter.com/VMPDHvdXkq
— Logan Paul (@LoganPaul) January 4, 2024
This gesture comes in response to the promise he previously made to reimburse the participants of the project that never saw the light of day.
In his message, Logan Paul expressed his satisfaction at fulfilling this commitment, taking personal responsibility for dealing with refunds.
Paul attributes the project’s failure to what he calls “bad actors,” individuals who, in his words, sabotaged the game and let the team down, causing the original project to deviate.
Logan Paul claimed that these individuals stole money and undermined the internal progress of the CryptoZoo
CryptoZoo, initially presented as a promising project backed by Logan Paul in 2021, generated a lot of buzz with its potential to become an attractive and lucrative game.
However, this optimistic narrative took a drastic turn when YouTuber CoffeeZilla published a three-part series pointing out problems in the project’s business model.
This series of investigations shed light on significant concerns and broken promises, resulting in investment losses for those who participated in CryptoZoo.
Additionally, it is mentioned that the game may have incentivized players to purchase in-game cryptocurrencies, adding more problems to unmet expectations and lost investments.
Logan Paul’s initiative to buy back NFTs from CryptoZoo is an attempt to rectify the situation for those who trusted the project, despite the obstacles and challenges that led to the failure of this NFT company.
Their commitment to taking financial responsibility to compensate victims demonstrates an effort to address past mistakes and deliver on their outstanding promises.