Nikolas Sargeant
YouTuber and social media influencer Logan Paul is on track to reimburse dissatisfied investors in his once-ambitious CryptoZoo non-fungible token (NFT) game, fulfilling a promise made a year ago. The "buy-back" initiative, backed by Paul's personal commitment of $2.3 million, aims to repurchase Base Eggs and Base Animals at their original prices for individuals intending to play CryptoZoo.
Initially announced in August 2021, CryptoZoo was a play-to-earn game that allowed users to buy, sell, breed, and trade exotic animals represented as NFTs. Despite the anticipation, the game was never released, leaving over 3,009 Ether in Base Eggs, valued at around $6.7 million, traded on OpenSea.
Expressing disappointment in a January 4 post on X (formerly Twitter) to his 6.8 million followers, Paul unveiled the EGGNFTBUYBACK.COM platform for the buy-back program, accepting claims until February 8. Eligible participants are entitled to 0.1 ETH (currently valued at $224) for each submitted NFT, with the stipulation not to move the NFTs from their wallets once deemed eligible.
Terms and conditions exclude hybrid animal NFTs from the buy-back, and CryptoZoo (ZOO) token holders won't receive compensation, as ZOO has plummeted 99.99% from its all-time high, according to CoinGecko. Participants in the buy-back program must also relinquish any current or future claims against Paul and related personnel.
In an X post, Paul revealed a cross-claim lawsuit against CryptoZoo lead developers Eduardo Ibanez and Jake Greenbaum in a Texas federal court. Responding to a lawsuit alleging fraudulent activities, Paul shifted blame to Ibanez and Greenbaum, citing bad actors who sabotaged CryptoZoo through nefarious trading activities.
Emphasizing his lack of financial gain from the project, Paul reiterated the buy-back program almost 12 months after announcing CryptoZoo's recovery plan. He confirmed that financial constraints and regulatory challenges led to the decision not to release CryptoZoo.
