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Logan Paul reveals refund plan for dissatisfied CryptoZoo NFT investors

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Logan Paul reveals refund plan for dissatisfied CryptoZoo NFT investors

Logan Paul reveals refund plan for dissatisfied CryptoZoo NFT investors Mike Dalton · 9 hours ago · 2 min read

Paul also apologized to Coffeezilla, who criticized the project last month.

2 min read

Updated: January 14, 2023 at 10:31 am

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Cover art/illustration via CryptoSlate

YouTube influencer Logan Paul will create a refund plan for his troubled CryptoZoo NFT project, as announced in a Twitter video on Jan. 13.

CryptoZoo will redeem user tokens

In 2021, Paul and a larger team began to create CryptoZoo, a collectible NFT project on Binance Smart Chain. However, growing dissatisfaction with the project has led Paul to launch a three-prong program that will refund investors.

Paul said today that he will allow dissatisfied investors to exit the project immediately and burn their CryptoZoo base tokens for their mint price. The mint price is 0.1 ETH ($144), and  Paul has committed 1000 ETH ($1.4 million) to the redemption plan. Those who redeem their tokens will be able to receive ETH or BNB tokens.

Paul also stated that he and his manager Jeff Levin would burn their own ” tokens to eliminate their financial upside in CryptoZoo.

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Finally, Paul said he plans to complete and launch the game and marketplace as promised. He added that an internal investigation and audit would be performed and that any funds recovered in that process would be returned to the community.

Paul apologizes to Coffeezilla

Paul also apologized to Stephen Findeisen, aka Coffeezilla, who criticized CryptoZoo in December over its incomplete status. One of those videos was titled “Investigating Logan Paul’s Biggest Scam.”

Those allegations led Paul to threaten a lawsuit against Coffeezilla last week. However, Paul has since dropped his legal threat.

Paul stated in today’s video:

I was defensive because … I never scammed anyone with this project, I never made any money, I never sold any tokens, I only had the best intentions going in.

In today’s video, Paul apologized publicly to CoffeeZilla, stating that “Coffeezilla is not a criminal” and thanking him for drawing attention to the project’s issues. Paul further acknowledged that a lawsuit would not benefit CryptoZoo investors.

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Posted In: U.S., NFTs, People

311

NFT Market Remains Resilient With 1.23% Increase In Sales, Ethereum Dominates With 81% Of Total NFT Settlements

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NFT Market Remains Resilient With 1.23% Increase In Sales, Ethereum Dominates With 81% Of Total NFT Settlements

Non-fungible token (NFT) sales rose slightly last week, increasing 1.23% to $232.49 million in recorded sales. The top two NFT collections, Otherdeed and Doodles, saw growth of 44% to 58% compared to the previous week. Ethereum continues to dominate the NFT industry, accounting for more than 81% of total sales last week with $188.51 million in NFT sales.

7-Day NFT Sales Increase; Otherdeed, Doodles See 44% to 58% Growth

NFT sales remain steady this week and during February 2023, with $39.72 million in recorded sales so far this month. Over the past seven days, there were $232.49 million in NFT sales, a 1.23% increase compared to the previous week.

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During that time, 481,917 buyers participated in NFT sales, 19.30% more than the previous week. Additionally, 1,390,784 NFT transactions were processed, a 3.21% increase over the prior week. Of the $232.49 million in sales, Ethereum had the most out of the 20 blockchain networks listed on cryptoslam.io.

Ethereum accounted for 81% of total NFT sales, or approximately $188.51 million in settlements. The second largest blockchain for NFT sales was Solana, which processed $27.40 million in the past week, a decrease of 2.65% from the previous week. Immutable X ranked third in NFT sales, with sales rising 37.85% to $4.5 million.

The remaining top NFT sales blockchains, in order, are Cardano, Polygon, Flow, BNB Chain, and Arbitrum. Fantom saw the largest increase in NFT sales this week, with a 73.81% rise, although only $17,064 in NFT sales were settled in the past seven days.

This past week, the top NFT collection was Otherdeed, with sales rising 44.37% to $17.33 million. Doodles saw a 58.49% increase, reaching $13.88 million in total sales. Otherdeed and Doodles were followed by Mutant Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC), and Checks VV Edition.

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The highest NFT floor value on February 5, 2023, was for Cryptopunks, at 63.99 ether at 8:00 a.m. Eastern Time. The second highest floor value belonged to the BAYC collection, with a slightly lower value of around 63.5 ether.

The most expensive NFT sales from the past week include: Bored Ape Yacht Club #8,483, which sold for $581,000 seven days ago but then sold again for $490,000 two days later; Cryptopunk #2,311, sold for $511,000 three days ago; Cryptopunk #9092, sold for $496,000 four days ago; BAYC #8,483, making the fourth largest sale after being sold twice; and Cryptopunk #9,611, sold for $482,000 four days ago.

The fifth most expensive sale was Cryptopunk #9,611, followed by Hausphases #379, which sold for $461,000 on Sunday, Feb. 5, 2023.

Tags in this story

311, 483, 611, 63.99 ether, 73.81% increase, 81% total sales, Arbitrum, Blockchain, BNB Chain, Bored Ape Yacht Club, Bored Ape Yacht Club #8, Cardano, Checks VV Edition, Cryptopunk #2, Cryptopunk #9, Cryptopunk #9092, cryptopunks, Digital Collectible Sales, Digital Collectibles, Doodles, Ethereum, Ethereum domination, Fantom, Flow, growth, Hausphases #379, Immutable X, Mutant Ape Yacht Club, nft, NFT collections, NFT sales, NFTs, Non-fungible Token, Otherdeed, Polygon, sales, sales increase, Sales NFT, Solana

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What do you think will be the next big NFT collection to make waves in the market? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, cryptoslam.io,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

OpeaSea announces slew of new creator tools

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OpeaSea announces slew of new creator tools

OpeaSea announces slew of new creator tools Dorian Batycka · 1 hour ago · 1 min read

Tools include multi-stage minting phases, allowlist support, and rich narrative components, among other tools.

1 min read

Updated: February 4, 2023 at 12:28 pm

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Cover art/illustration via CryptoSlate

The NFT marketplace OpeaSea has launched a suite of new Drop features that give designers new tools to mint assets on the site. 

These include multi-stage minting phases, allowlist support, and rich narrative components, among other tools. 

The next phase of Drops was announced by OpenSea on Feb. 2. The rollout is expected to take place over the next several weeks, eventually allowing all users of the platform to set up smart contracts on all EVM chains, customize drop mechanisms, and create personalized landing pages. OpenSea announced that it will initially provide access to a select group of developers in the coming weeks, and those interested in an early look at the toolkit can request it online.

According to OpenSea, its aim with the new Drops feature is to enable anyone to sell their collections on its storefront, across any chain, without the need for specialized knowledge or extensive technology resources to create a customized landing page.

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The marketplace has so far been showcasing Drops from various creators, including omgkirby, CLOUDMACHINE, Probably a Label, and Anthony Hopkins, on customized landing pages. An individual’s profile page in the marketplace may include videos, photo galleries, item specifications, and future project plans.

OpenSea has gained attention for its strict policy on enforcing creator royalties, even going as far as to restrict the sale of NFTs originally minted on its platform on certain secondary marketplaces that don’t enforce royalties.

In 2022, OpenSea’s dominance over the NFT marketplace shrank by 23%. 

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How will OpenSea safeguard the NFT community after a tainted 2022?

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How will OpenSea safeguard the NFT community after a tainted 2022?

  • OpenSea has introduced a three-hour hold period to identify fraudulent transactions.
  • Despite challenges by emerging platforms, OpenSea continued its dominance in the sector.

OpenSea, the world’s largest Non-Fungible Token [NFT] marketplace, has taken steps to safeguard users from hacking incidents on its platform. In a Twitter post on 2 February, OpenSea introduced a grace period wherein sellers will be prevented from accepting offers for three hours after a supposed sale.

Introducing OpenSea’s 3hr Hold Period

To mitigate theft-related risk, sellers will be prevented from accepting offers on certain items for 3 hours after some transfers and sales. But don’t worry–with @DelegateCash, hot<>cold wallet transfers won’t be [email protected]📽🧵 pic.twitter.com/zjKYP7oXK4

— OpenSea (@opensea) February 2, 2023

OpenSea stated that the extra time would help the community detect fraudulent activity and ascertain the authenticity of the transferred items.

Befouled past

OpenSea has faced serious concerns over the platform’s security in the past. In February 2022, it was at the center of one of the biggest exploits in the NFT ecosystem. During the exploit, $1.7 million worth of NFTs were stolen from users’ wallets 

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OpenSea CEO Devin Finzer acknowledged the breach and stated that users fell victim to a phishing attack where they were deceived into signing a fake contract.

Another update: over the last few hours we’ve talked to dozens of people, teams, and projects across the NFT space. https://t.co/fB5r3cMA1r

— Devin Finzer (dfinzer.eth) (@dfinzer) February 20, 2022

In less than three months, the marketplace was hit by another hack when its discord channel was compromised. The hackers posted a fake YouTube collaboration news that included a link to a phishing site. 

Do not click links in our Discord.

We are continuing to investigate this situation and will share information as we have it. https://t.co/jgtHcXifer

— OpenSea Support (@opensea_support) May 6, 2022

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OpenSea dominance on trading front continues

OpenSea started its 2023 on a pleasant note with appreciable growth in key performance indicators, per data from Token Terminal. NFT trading volume on the platform shot by 64% over the last 30 days while the investors mopped up revenue gains of over 40% in the same period. 

Source: Token Terminal

The growth in royalties paid to the creators was impressive, which could entice more enthusiasts to come onto the platform and mint their NFTs. The metric almost doubled in the last one month. 

Source: Token Terminal

More competition in the days to come?

While it’s an established fact that OpenSea is the biggest and most popular platform in the NFT marketplace ecosystem, it has seen its share of pie reduced by another emerging platform, Blur

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Moreover, data from Dune Analytics revealed that OpenSea accounted for 45% of the total volume across all NFT marketplaces. On the other hand, the three-month-old Blur marketplace occupied 37%.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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