Many digital assets have lost more than 70% of their floor values in the last 90 days due to the crypto winter. Even the value of a particular 0N1 Force NFT owned by popular celebrity YouTuber Logan Paul has plummeted to a tiny fraction of $10 of what it once was.
In 2021, Logan Paul spent $623,000 on a rare “Bumblebee” 0N1 Force NFT. 7,777 generative side-profile characters with more than 100 hand-drawn features make up the NFT collection 0N1 Force. On OpenSea, their floor price is currently merely 0.29 ETH.
Intense debate about the NFT artwork’s present value in the midst of the overall bear market has taken place online within the crypto community.
The NFT was initially mistaken for an Azuki since 0N1 Force NFTs have an anime-like appearance. The inaccuracy was pointed out by other NFT collectors, who added that the Azuki collection was originally a descendant of 0N1 Force before becoming more popular.
In July, Logan Paul started selling a copy of the NFT artwork via his 99 Originals NFT collection reportedly to boost the 0N1 Force NFT’s price and stop it from falling any lower. He even acknowledged that the Bumblebee NFT is now “worth essentially nothing.”
It’s also important to note that in August 2021, Logan Paul purchased Rock #65 and Rock #68 NFTs for $60,000 and $95,000, respectively. Again, these digital collectibles are worth practically nothing right now; NFT Rock #65 is currently sold on OpenSea for just $25.
NFTs have had a challenging year since the overall crypto winter, and even the blue-chip NFT projects were not spared. Since January, the trading sales volume of NFTs has decreased by almost 97% as a result of the market collapse.