Logan Paul, the popular YouTuber and social media influencer, is taking steps to refund certain disappointed investors who participated in his CryptoZoo nonfungible token (NFT) game. This move comes a year after he assured NFT buyers of potential recourse.
Logan Paul shared that the “buy back” program would be personally funded with $2.3 million. The initiative involves repurchasing Base Eggs and Base Animals at their original purchase price for all individuals who had intended to engage with CryptoZoo.
Originally introduced in August 2021, CryptoZoo promised players a play-to-earn experience, allowing them to buy, sell, breed, and trade “exotic animals” represented as NFTs. The disappointment arose as the game was never released, despite significant anticipation.
Logan Paul’s Buy-Back Claims Process
The buy-back program is accessible through “EGGNFTBUYBACK.COM,” with a submission deadline until Feb. 8. Eligible participants are entitled to receive 0.1 ETH (approximately $224) for each eligible NFT submitted. Notably, investors holding CryptoZoo (ZOO) tokens won’t be compensated under this program.
The terms and conditions specify that hybrid animal NFTs and ZOO token holders are excluded from the buy-back. Claimants must refrain from moving their eligible NFTs after confirmation and are required to waive any current or future claims against Paul and related personnel.
In addition to the buy-back program, Logan Paul disclosed a cross-claim lawsuit against CryptoZoo’s lead developers, Eduardo Ibanez and Jake Greenbaum, in a Texas federal court. This legal action follows a participant’s lawsuit in February 2023, accusing Paul and others of engaging in a “fraudulent venture.”
CryptoZoo’s Troubles and Paul’s Perspective
Paul asserted that CryptoZoo faced setbacks due to bad actors within the team who engaged in nefarious trading activities without the knowledge of the project leaders. Despite the blame shifting and legal actions, Paul emphasized that he did not profit from the project.
Finally, Paul confirmed that CryptoZoo would not be released, citing financial constraints and regulatory challenges as the primary reasons behind this decision. The buy-back program marks a significant step in addressing the fallout from the project’s unfulfilled promises.