Social media influencer Logan Paul has declared plans to refund certain dissatisfied investors in his formerly ambitious CryptoZoo non-fungible token (NFT) game, extending recourse to NFT purchasers one year after initially offering it.
Paul revealed a "buyback" initiative funded by his personal commitment of $2.3 million, intending to repurchase base eggs and base animals at their original purchase price. The refund program aims to cater to those eager to engage with CryptoZoo, the unreleased earn-as-you-play game unveiled by Paul in August 2021.
CryptoZoo, an unreleased game centered on trading, breeding, and selling NFT-based "exotic animals," has seen over 3,009 Ethereum's worth of Base Eggs, equivalent to approximately $6.7 million, traded on OpenSea. Expressing his disappointment to his 6.8 million followers in a January 4 post on X (formerly Twitter), Paul emphasized his dissatisfaction with the game's failure to materialize.
Paul's buyback initiative will operate through "EGGNFTBUYBACK.COM," enabling claim submissions until February 8. Eligible individuals, adhering to terms and conditions, will receive 0.1 ETH for each eligible NFT submitted, valued at approximately $224 presently. However, mixed animal NFTs and holders of CryptoZoo (ZOO) tokens are excluded from the buyback program, with ZOO’s price reported to be significantly below its all-time high, according to CoinGecko.
Participants joining the buyback program are required to waive any present or future claims against Paul or associated individuals. Furthermore, Paul disclosed filing a cross-claim lawsuit in a Texas federal court against CryptoZoo lead developers Eduardo Ibanez and Jake Greenbaum, attributing CryptoZoo's derailment to alleged fraudulent conduct by Ibanez, Si, and Greenbaum.
According to Paul's statements on X, he emphasized that CryptoZoo's downfall stemmed from malicious activities occurring without the team's knowledge, leading to financial losses and internal damage to the game. Despite his involvement, Paul maintained that he had not profited from the project, reiterating that financial constraints and regulatory obstacles would prevent CryptoZoo's launch. These developments mark the culmination of a 12-month journey since Paul first announced CryptoZoo’s recovery plan.
