Logan Paul recently shared his 3-step plan for beleaguered NFT project CryptoZoo. The plan includes a $1.3 Million rewards program for disappointed players. Paul is an American media personality, podcaster, actor, and professional wrestler.
CryptoZoo was launched in 2021 after first being discussed on Paul’s podcast Impaulsive. He has more than 23 million YouTube subscribers, said he had spent “probably about one million” dollars on developing CryptoZoo, and had a “massive team behind the project”.
Logan Paul said that he will commit 1,000 ETH to repay disappointed investors that want to make an exit via burning their CryptoZoo NFTs. He made the following announcement on a video shared via his Twitter account on January 13th, 2022.
Paul emphasized that he is focused on fixing CryptoZoo, delivering on the roadmap and making things right with fans and investors. He said, “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.”
On December 17th, 2023, Stephen Findeisen — also known as Coffeezilla — launched the first of a three-part video series attacking CryptoZoo and Paul, after which Paul threatened to sue Findeisen for defamation.
Paul’s recovery plan
Paul announced a three-stage recovery plan. First, along with Jeff Levin — CryptoZOO co-founder, he will burn their ZOO token holdings so that they “have no financial upside” in the game. Thus the token supposedly has more value.
Then he will personally commit 1,000 Ether as part of a rewards program that enables “disappointed” investors to burn their NFTs to get the initial 0.1 ETH ($150) mint price back.
Paul noted that the final stage is to “obviously finish and deliver the game as outlined in the whitepaper,” it was previously touted as a play-to-earn game that involved breeding animal NFTs to receive ZOO token rewards.
“To say I am disappointed in how this was handled internally is an understatement, there’s a full internal investigation going on along with an audit and we are going to pursue full legal action for whoever needs to be held accountable. If any money is recovered in the process, it’ll go right to the community,” Paul added.
However the community might have shown mixed reactions over Paul’ tweets. Some are appreciating his efforts while others are critical.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/14/logan-pauls-3-step-plan-for-cryptozoo/