The creator of the defunct CryptoZoo NFT game, Logan Paul, a well-known YouTuber, and non-fungible token promoter, has announced a $1.5 million recovery plan to pay back NFT investors who made an initial investment in his NFT enterprise.
Explanation Of Logan Paul’s CryptoZoo NFT Project
Logan Paul announced the release of a $1.5 million reparation scheme for victims of his failed NFT project CryptoZoo in a blog post on January 13. The NFT influencer dropped his NFT initiative last year, citing unfavorable conditions in the cryptocurrency market.
After fellow YouTuber and NFT investor Coffezilla released a 60-minute series accusing Logan Paul and his fellow crypto investors of rug-pulling their NFT project, the CryptoZoo NFT project gained attention.
Logan Paul openly denied these allegations earlier this month and threatened to sue fellow YouTuber Coffeezilla for libel for making false accusations. Coffeeville had claimed that CryptoZoo was an NFT project that had defrauded investors of millions of dollars.
Backtracking, Logan Paul Reveals A $1.5 Recovery Plan
Logan Paul recently declared that he is no longer interested in suing Coffeezilla and that his attention is instead on restoring his defunct CryptoZoo. Paul plans to establish a solid reputation among investors and admirers. He clarified:
“The fact is, suing Coffeezilla is not going to help Cryptozoo holders so I do need to focus my attention where it should be, which is on fans and supporters of me.”
Logan Paul has started to mend his ways by establishing a three-phase recovery plan. He and his manager Jeff Levin will burn their ZOO token holdings during the first stage in order to increase the value of their token.
In an effort to encourage the previously “disappointed” investors to burn their NFTs in order to obtain the initial 0.1 ETH ($150) mint price pack, Logan Paul has stated that he will contribute 1,000 ETH.
The NFT influencer plans to complete and deliver the NFT game in his final stage, as was originally indicated in the whitepaper. In order to acquire ZOO tokens, players in Logan Paul and his team’s play-to-earn game can breed various animal NFTs.
In related news, the new play-to-earn NFT racing game Meta Master Guild (MEMAG) is sweeping the cryptocurrency industry. Players can purchase and upgrade their drivers and karts in the Meta Masters Guild Store using the NFT game’s native MEMAG tokens. Through its token presale, the NFT initiative has raised more than $200,000.