Logan Paul shows that NFT buyback celebrities can’t ‘play’ in Web3

Community members have responded to YouTuber Logan Paul's announcement of a comeback, fulfilling his one-year promise to give back to disgruntled investors of his non-vulnerable token (NFT) Cryptozoo project.

The NFT project was supposed to be a play-to-earn (P2E) game that allowed players to buy, sell, mine and trade crypto. The YouTuber announced the project in August 2021, but the game was never released. This sparked accusations of fraud and led to a class-action lawsuit against the celebrity.

During the controversy, many commentators called for Paul to do away with investors altogether. They have been keeping an eye on the progress since Paul promised to refund the money nearly a year ago.

On January 4, Paul finally shared a website that allows NFT holders to participate in a $2.3 million buyback program, where Paul buys back NFTs at their original price. According to the YouTuber, claims can be submitted on the website until February 4th.

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While the news may seem positive to those who bought NFTs, some believe there is an ulterior motive behind Paul's move. YouTube sleuth Stephen Findison, known as “Cofizilla,” posted a disclaimer on his website on X, saying that participants in the redemption program are “waiving any actual or anticipated claims” against Paul and Cryptozu.

Making a video on the situation of Logan Paul: I am very happy that some victims will be returned after 1 year.

But let's not pretend there aren't ulterior motives. Logan is now being crushed in court. As usual, he is trying to save his own skin. pic.twitter.com/ESmeE8gP1x

— Coffeezilla (@coffeebreak_YT) January 5, 2024

Meanwhile, others celebrated the act as a victory for the community. Crypto content creator Mason Versus Paulus has announced that he is officially refunding CryptoZoo investors. “You can't play in the Web3 space with no accountability,” the content creator added.

YouTuber Erling Menshoel Jr., commonly known as “Atozzi,” has given a shout out to comment channels that blamed Paul. According to Menschol, who has nearly 1.5 million subscribers on YouTube, it wouldn't have happened without them.

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