American YouTuber and actor Logan Paul suffered a significant loss after he bought an NFT from the Azuki collection.
The appearance of a blogger on the crypto market was initially not very profitable. His investment hit a bear market that cut Logan's income by more than $600,000.
The actor began investing in cryptocurrencies last year when prices for many assets were rising. He became interested in NFT and began to acquire unique digital art, spending over $2.5 million on it. The main purchase was an NFT from Azuki for $623,000.
However, as a result of market instability, the actor received significant losses. Paul noted that Azuki NFT is currently trading at $10. This fall caused controversy in the community and people's opinions were divided.
Some users ridiculed the blogger's failure and his decision to invest in the crypto market during a volatile environment. Others have pointed out that the NFT market is the work of scammers who want to profit from collectors. Also, there is an opinion that the bear market is a temporary phenomenon and bullish growth will begin in the future.
Unfortunately, Paul's story is no exception. The cryptocurrency market has been hit hard this year. Its total capitalization fell by almost 3 times, compared to the previous year.
