Once valued at $2.8 million, Logan Paul's NFT Collection has lost 70% of its value.
NFTs were experiencing their first boom phase in the summer of 2021, driven by ludicrous rumors such as the $69 million sale of Beeple's digital artwork "The First 5000 Days" and the subsequent tsunami of FOMO.
Developers and con artists alike began to mint everything and anything into NFTs, adding some afterthought about community or immeasurable value, and selling them to consumers who were ready to buy them at a "low" price and resell them to the next eager buyer. This sparked a digital art gold rush. The cycle appeared never-ending: as long as the excitement persisted, prices would rise and the queue of purchasers would never stop.
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