After the big NFT explosion of 2021, mainstream media started running with the idea that this new phenomenon was a game-changer for the crypto industry and for the financial sector in general. Digital artists around the world started making money for their art, the value of NFTs and cryptocurrencies themselves was skyrocketing, and huge celebrities and influencers started getting involved in the action.
One of these influencers was the Vine, YouTube, podcasting, and now boxing star Logan Paul. After a controversial past, the Ohio native has steadily rebuilt his career over the past few years, and started investing and talking about NFTs on his ImPaulsive podcast in 2021.
However, as the crypto market continues to struggle after multiple crashes over the past year, the value of NFTs as a whole has also snowdived. Paul has confessed to losing over $1.5 million on his NFT collection that he invested in last year. The most famous example that led to countless memes mocking the social media star is his purchase of an ‘Azuki Bumblebee’ NFT for $623,000, which is now worth a measly $10. Not what we would call a “successful investment” by any means.
This year, though, Paul came up with an idea for an NFT collection that has made crypto enthusiasts sit up and take notice. His 99 Originals is a collection of 99 polaroid pictures taken over the course of 99 days of Paul’s life. Each picture represents one of the days, and Paul has uploaded videos to his social media channels explaining what each picture represents and the story behind it. This more personal connection was extended even further when an extra perk of purchasing one of his 99 Originals was to get a chance to be on his famous ImPaulsive podcast and meet Logan himself.
Some were surprised when the collection went on sale and the 99 Originals started to fly off the digital shelves. All in all, Paul’s collection sold for just over $2.3 million, an incredible amount for a so-called dying industry. And this stunning success has made digital artists and NFT enthusiasts sit up and take note. Instead of treating NFTs as a commodity just to make money, artists and influencers using them to connect on a deeper level with their fans and using them as some form of memorabilia is perhaps the way to go to achieve success in such a crowded and volatile market.
Attaching perks to the NFTs is also a way to boost their value, as the NFT that promised an appearance on ImPaulsive sold for an astonishing $300,000. Who knows how creative artists can get with NFT perks in the future, but it is a sure-fire way to get an artist’s fanbase more interested and excited by the idea of purchasing the NFT.
It remains to be seen whether Paul’s 99 Originals is going to be the blueprint for other influencers, artists, and creators to follow when it comes to the struggling NFT industry, but what Paul has done is a radical shift in how the consumer has seen NFTs. Putting some more humanity, meaning, and true art into the industry can only be a good thing if we want to avoid the rampant speculation that partially caused the collapse in the first place.
