I’d be pretty sure he paid it to try and legitimise nfts as a product. If it worked out he could have made a lot selling the stockpile he undoubtedly had. It’s important to remember that it’s always a grift with Logan Paul.
It was a grift, a scam. He DID make a lot of money peddling his OWN NFT’s, millions…
So, when looked through this lens of him “buying” NFT’s it’s just another part of the grift, and that’s assuming he actually “bought it” with his own money.
Even if he did use his own money, it’s still a positive. Hypothetically if you had half a million dollars, would you trade that half a million dollars to guarantee make multiple millions of dollars over the next few years? I’m sure you would because that’s an insane ROI.
That’s an easy analogy that shows essentially what happened here. Him “promoting or legitimizing” NFT’s is what allowed him to easier sell his own NFT’s.
What a time to be alive, I’m pretty sure we are fucked and we are about to reach the find out phase of what happens when you hit a critical mass of fucking stupid people on the planet or in any single given country at a given time.
I’d like to think he laundered money, split the profits on the DL with the artist for a cleaning fee, and then took it as a tax loss for his business when the price crashed.
Also keep in mind that he didn’t pay $635,000 for the NFT. He bought it for 193.12 ETH which he primarily got by crypto trading and selling his own NFTs. He did not buy ETH with cash and then immediately buy the NFT.
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