Logan Paul to buy back CryptoZoo NFTs after project failure

CryptoZoo goes wild: Influencer and YouTuber Logan Paul has revealed his plans to initiate a buy-back scheme for investors who had shown interest in his unreleased CryptoZoo non-fungible token (NFT) game. This move comes nearly a year after Paul initially pledged recourse for NFT purchasers.

CrytpoZoo Base Egg buyback poster | Image credit: X.com

Paul has committed $2.3 million from his personal funds to finance the buy-back initiative, which aims to repurchase Base Eggs and Base Animals NFTs at their original acquisition cost for individuals who intended to engage with CryptoZoo. Initially announced in August 2021, CryptoZoo was designed as a play-to-earn game enabling participants to engage in buying, selling, breeding, and trading virtual ‘exotic animals’ represented as NFTs. 

The project had generated considerable traction, with over $6.7 million worth of Base Eggs, equivalent to 3,009 ETH, traded on the OpenSea platform.

Expressing regret over the project's failure, Paul shared his disappointment via a recent social media post, inviting affected investors to participate in the buy-back programme through a dedicated platform ‘EGGNFTBUYBACK.COM’ until February 8. 

Conditions for buyback

Eligible claimants stand to receive 0.1 ETH, valued at approximately $224, for each qualifying NFT, with stipulations against transferring these NFTs post-eligibility confirmation.

However, the program also has certain exclusions such as Hybrid animal NFTs remaining ineligible for the buy-back, and investors holding the CryptoZoo-affiliated ‘ZOO’ tokens will not receive the compensation. Furthermore, participants opting for the buy-back will be required to waive any existing or prospective claims against Paul and associated parties.

Along with this, Paul disclosed his filing of a cross-claim lawsuit against CryptoZoo's lead developer, Eduardo Ibanez, and Jake Greenbaum, in a Texas federal court. Addressing allegations of fraudulent activities within the CryptoZoo framework, Paul shifted accountability towards Ibanez and Greenbaum, claiming his non-involvement in any malfeasant actions and asserting his lack of financial gains from the venture.