- January 7, 2024
- Posted by: [email protected]
- Category:
Renowned YouTuber Logan Paul has finally addressed the promised refunds for the unreleased CryptoZoo NFT game, initially announced in 2021. Paul is extending an offer to refund investors for the never-materialized CryptoZoo game, with a specific condition: eligibility is solely at his discretion, and former owners must relinquish any right to pursue legal action.
CryptoZoo, envisioned as a play-to-earn (P2E) game allowing players to engage in buying, selling, breeding, and trading exotic animal NFTs using cryptocurrencies, failed to materialize. Paul expressed his satisfaction in fulfilling his promise to repurchase Base Egg and Base Animal CryptoZoo NFTs at their original purchase prices, excluding hybrid animal NFTs from eligibility, in a Twitter post.
However, according to the terms and conditions outlined, NFTs submitted for the buy-back are subject to Paul’s discretion, and those deemed ineligible will not be returned to their respective owners. Importantly, Logan Paul clarified that the CryptoZoo game will not see the light of day, revealing that he personally invested $400,000 into the project without making any profit.
Paul has committed over $2.3 million to repurchase NFTs from everyone who intended to participate in CryptoZoo. Notably, he emphasized that the buyback is not intended to compensate those who took speculative risks in the crypto market and suffered losses.
Blaming bad actors who allegedly stole funds, Paul initiated a federal lawsuit against CryptoZoo’s lead developers, Eduardo Ibanez and Jake Greenbaum. The buy-back process, hosted at EGGNFTBUYBACK.COM, allows claim submissions until February 8. Following the closure of the submission window, eligibility reviews will take place, and 0.1 ETH per eligible NFT will be sent to the respective wallet addresses.
At the current rate, 0.1 ETH is valued at $224. To submit a claim, individuals are required to provide Know Your Customer (KYC) information, details about their NFTs, and the associated wallet addresses. The claimants are also instructed not to move their NFTs for any reason after submission.
Before completing the form with personal and NFT information, claimants must accept the terms and conditions, effectively waiving any claims against Logan Paul and related entities. This waiver extends to monetary or equitable relief connected to CryptoZoo, emphasizing that the buy-back does not constitute an admission of legal entitlement or responsibility on Paul’s part. Meanwhile, the CryptoZoo (ZOO) token has experienced a drastic decline of 99.8% from its all-time high.
