After a year of promising to reimburse the disappointed investors of his nonfungible token (NFT) project CryptoZoo, YouTuber Logan Paul announced a repurchase. The announcement was met with reaction from the community.
The NFT project aimed to create a play-to-earn (P2E) game where users could use cryptocurrency to trade, buy, sell, and breed animals.Although the YouTuber first revealed the concept in August 2021, the game was never made available. This resulted in a class-action lawsuit against the celebrity and accusations of fraud.
Several pundits urged Paul to reimburse investors for their losses throughout the dispute.Since Paul made return promises about a year ago, they have also closely monitored the situation.Paul eventually released a website on January 4th, allowing the holders of NFTs to take part in a $2.3 million buyback program in which Paul would buy back the NFTs at their original value.The YouTuber says that through February 4th, claims can be made on the website.
Even though the news appears good for individuals who purchased the NFTs, some people think Paul’s action had a hidden agenda.Stephen Findeisen, a.k.a. “Coffeezilla,” is a YouTube detective who posted on X to draw attention to a disclaimer on the website that states that users of the repurchase program are “waiving any actual or anticipated claims” against Paul and CryptoZoo.
Others praised the decision as a victory for the neighborhood in the interim.The official refunding of investors in CryptoZoo by Paul was welcomed by Crypto content creator Mason Versluis.“Celebrities in the mainstream can’t just play around in the Web3 space with no accountability,” the content creator continued.YouTuber “Atozy,” also referred to as Erling Mengshoel Jr., expressed gratitude to the commenting channels that held Paul responsible.This wouldn’t have occurred without them, in the words of Mengshoel, who has nearly 1.5 million YouTube subscribers.