Logan Paul an American YouTuber, actor and social media personality suffered a loss of $623,000 in the non-fungible token (NFT) investment of the Azuki collection.
Even his investment in cryptocurrency did not pay off when he suffered a loss of $500,000 following the falling market conditions.
This follows because he is the same as other individuals who invest in digital assets when the market soars drastically.
Paul also made a similar move when the NFT market was gaining popularity by buying $2.5 million worth of Azuki Pearl NFTs.
As such, Paul suffered serious financial losses due to the NFT and crypto market conditions collapsing at the same time.
It is understood that controversy arose among the crypto community shortly after Azuki's NFT is now trading at $10 .
However, Paul's act of buying NFTs during a bullish market made many Twitter users mock him.
In the meantime, Paul diversified his portfolio by investing in the largest cryptocurrency Bitcoin (BTC) and alternative tokens worth $500,00 but the total capitalization became less than $1 billion after the crypto market experienced a decline this year.
For the record, most believe that investing in digital collectibles is a scam but some individuals are convinced that the fall in NFT prices is actually due to the ongoing bearish situation.
