Latest CryptoZoo News
Logan Paul and CryptoZoo announced a buy-back program for Base Egg and Base Animal NFTs, offering original purchase price refunds to holders.
The Deets
- Buy-back website: EGGNFTBUYBACK.COM
- Deadline for claims: February 8
- More than $2.3 million committed for the buy-back
- Lawsuit filed against internal saboteurs following extensive investigation
The Bulk
Logan Paul's CryptoZoo, a project initially launched with high hopes amongst NFT enthusiasts, announced a decisive step towards resolving its drawn out challenges. The project's founder announced the buy-back program for Base Egg and Base Animal NFTs, allowing holders to reclaim their original investment. This initiative, fueled by a personal commitment of over $2.3 million, aims to address the disappointment of the community after the game's failure to launch.
Further intensifying the situation, the founder has filed a lawsuit in federal court in Texas against individuals accused of internal sabotage and theft. This action is based on an extensive investigation, including forensic analysis of blockchain activities and thorough communication reviews.
Unfortunately, the CryptoZoo game will not see the light of day due to regulatory hurdles and development challenges, despite a $400,000 investment for its development.
Hot Taek
After a lengthy back and forth between Paul and the web3 community, this matter will seemingly find some resolution, offering full refunds to NFT minters. Still though, it doesn't shake off the major overpromise, undeliver nature of the project and the disastrous opportunity cost that those utilizing funds incurred. Lastly, while it's fantastic to see a return of more than $2.3 million, a month long claim window seems quite short.
🎤 Founder Feedback
I approached the CryptoZoo project like everything else I am passionate about - with only the best possible intentions and success for everyone who shared our vision. I never made a single penny from the project, period. In fact, the opposite is true, because I spent hundreds of thousands of dollars trying to make it happen. With this buy-back program, I am personally committing more than $2.3 million to buy back Base Eggs and Base Animals from every person who intended to play CryptoZoo. Like you, I was highly disappointed that the game was not delivered. Logan Paul, CryptoZoo Founder
🎬 Take Action
Those seeking refund from the minting experience can visit to eggnftbuyback.com to initiate a claim. Users have through Feb. 8 to do so.
For more web3 and NFT news, visit the Lucky Trader newsfeed.
On January 6, DAOMaker CEO Chris Zaknum, frustrated by false promises from Logan Paul who to-date has failed to lead game development as promised for his CryptoZoo NFT project, tweeted, "It takes 30 days to build CryptoZoo. To prove that I will build: CryptoPoo $POO in less." Two months later, that promise is coming to fruition.
❗ Why It Matters
Following 30 days of development and 30 days of testing, the DegenZoo game is becoming a reality.
🔎 The Deets
- DegenZoo's gameplay is similar to what CryptoZoo had intended -- players buy and hatch eggs, and level up by combining hatched animals together.
- In the hatching process, the larger animal "eats" the other, and the token of the smaller animal is burned. Players may receive $DZOO tokens (the game's native token) as a reward.
- Zaknun says the team was able to develop the game so quickly by leveraging AI. AI was used to create the images that provided a "rough template" using Midjourney.
❓ What About CryptoZoo?
CryptoZoo, the original project launched by Paul, had promised to issue refunds to holders. But as of March 7, Coffeezilla noted on Joe Rogan's podcast that those refunds had still not been issued.
🎤 Founder Feedback
I really think people who do not embed AI into everything they do are not going to be competitive.Chris Zaknun, DAOMaker CEO
🕳️ Go Deeper
Logan Paul posted an apology video for the mismanagement of his CryptoZoo NFT project and outlined how he'll try to make it right, providing a potential refund of $1.3 million.
The 3-Step Plan:
- Logan Paul and Jeff Levin (his manager) will burn their Zoo tokens so they have no financial upside in the game
- Paul will offer a rewards program for players disappointed in the game, who can burn a base egg or base animal for the mint price (0.1 ETH) or equivalent in BNB. Logan is personally committing $1.3 million for players who want to get out.
- Finish and deliver the game as outlined in the whitepaper, by completing the egg bridge from ETH to BSC for base animals and base eggs. Complete the marketplace and release of animals into the wild to accrue yield function.
What Happened with CryptoZoo?
In September 2021, Logan Paul launched CryptoZoo, "a really fun game that makes you money," with Binance Smart Chain. NFT collectors were able to mint and hatch egg NFTs, and breed animals to earn $ZOO tokens. However, the P2E program never took off and the game was never finished.
Paul then went silent for more than one year but was prompted to action after YouTuber CoffeeZilla released videos in December 2022 highlighting how the project was a scam. Paul was combative at first but before eventual apologized.
Why It Matters:
CryptoZoo holders can now cut ties with a project that has not met the expectations or completed the roadmap it initially laid out. However, it should be noted that for refunds of the 0.1 ETH mint cost, the price of ETH was $3,952 on the mint day (September 5, 2021), whereas it's $1,460 today...
Community Talk:
Imagine if @coffeebreak_YT never broke this story. Logan never would of posted this. Nice apology video I'll give you that. But we shouldn't have to call you out for a blatant scam for you to do the right thingBando Chief
🕳️ Go Deeper:
- CoffeeZilla's three-part series on CryptoZoo:
