In August of this year, the American Youtuber and semi-professional boxer Logan Paul announced the start of an NFT game project called CryptoZoo. According to a post on the BSC Times website, this was one of those typical cryptocurrency market opportunities to make big bucks in a short period of time.
Today, the illusion seems to have ended in the worst possible way, with an abrupt, vertical, and practically instantaneous drop of nearly 100% that resulted in ZOO, the project’s native symbol, being worthless.
Graph of the last 24 hours of ZOO. Source: Coinmarketcap
In a way, Crypto Zoo’s proposal was reminiscent of that of Axie infinity, the most successful game in the cryptocurrency market. Based on the model “Play to Earn”, Players could collect, breed, and trade exotic hybrid NFT-based animals for income from their in-game activities.
The day after the announcement, ZOO appreciated 500% and everything seemed to be heading towards CryptoZoo becoming the new sensation in the hot NFT market.
The start of the NFTs was scheduled for September 1st. However, when the planned day came, everything looked suspiciously strange. First, the start date has been removed from the project’s official website, which immediately sparked negative reactions on Twitter. The first doubts about the seriousness of Logan Paul’s crypto venture arise.
With a three-day delay, the crash occurred on September 3rd, which raised expectations for the game’s success. In less than 24 hours, the 10,000 “basic eggs” offered at a price of 0.1 ETH were sold out and CryptoZoo temporarily ranked 7th on the opensea market based on trading volume.
At the same time, two streams appeared on Twitter to question the nature of the project. On the one hand, Logan Paul has been accused of using Photoshop edited Adobe Stock images to create CryptoZoo’s NFTs, despite his team claiming that all of the NFTs were “specially designed”.
Logan Paul, who takes Adobe Stock photos and has a nose for his crypto “art,” has a familiar energy … pic.twitter.com/XtIxkrzax8
– SteveWillResearchIt (@coffeebreak_YT) September 7, 2021
“Logan Paul, who takes photos from Adobe Stock and puts his crypto artworks to the test, has a family atmosphere.”
Others reported glitches that resulted in multiple users losing money on the project’s smart contracts.
What a scam. Lost 200 euros in petrol fees and full of bots. I would recommend anyone trying to buy from them actually not to. Transactions fail all the time and it’s absolutely pointless. No hard feelings Cryptozoo, but you really suck on it 🙂
– Niki Izvorski (@nikiizvorski) September 5, 2021
“What a shame. I lost $ 200 in gasoline fees and am full of bots. I would recommend anyone trying to buy an NFT not to do it. Transactions fail all the time and it’s absolutely useless. No grudges against it Cryptozoo, but you really give a shit about it 🙂
At the moment ZOO is practically at zero, CryptoZoo’s “basic eggs” are in 60th place in Coingecko’s NFT collector’s item ranking. The base price for one of these eggs is 0.3 ETH on Opensea.
In the meantime he is still active on Twitter, Logan Paul hasn’t mentioned the project since September 5th.