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Jake and Logan Paul are the epitome of what it means to have multiple streams of income. At the end of 2021, the dynamic-duo was recognized for earning a combined sum of $63 million, which included $40 million in boxing alone. Jake Paul made headlines in the world of boxing last year after defeating former MMA fighter, Ben Askren in April 2021. He went on to fight another MMA champion in August, Tyron Woodley, and was victorious via split decision. Woodley demanded a rematch and got exactly what he asked for in December, except he received a clean knockout, awarding Jake Paul an undeniable victory. Then, to further add to the Paul-brothers' unmistakable presence in boxing, Jake Paul went toe-to-toe with former five-division world champion boxing legend, Floyd Mayweather Jr., in an exhibition boxing match in June 2021. Although the fight was far from an elite professional matchup, it was entertaining enough to sell more than one million pay-per-view buys.
NFTs: Crypto's Digital Art
From one of the world's leading Youtube stars to one of the most talked-about amateur boxers, Logan Paul knows how to keep a steady flow of cash coming in. So when he revealed how much he owns in non-fungible tokens or NFTs, it goes to show that he's only been revealing the tip of the iceberg when it comes to his fortune. An article on Ginx E-Sports TV revealed that Logan Paul bought 42 Word of Women NFTs for the sum of just about $800,000. As a staunch supporter of cryptocurrency and NFT technology, Logan knows exactly how they work and how their value is measured.
But what exactly are NFTs and why has there been such a frenzy over the technology in recent times? So the phrase NFT stands for non-fungible token. Sound simple enough, only what does fungible mean? In essence, it means a good or quantity that is able to be easily replaced or exchanged for another of the same nature or kind. For example, a dollar bill can be seen as fungible because it can be exchanged for another dollar bill; there is nothing irreplaceable about it. In fact, there are billions of printed versions of the same kind. However, like an authentic piece of art or even a special edition baseball card, it is rare and cannot be easily replaced, therefore its value is increased.
This rare type of digital art uses blockchain to record its owner and allows any and everyone to verify its authenticity. It has been fully supported and promoted by a number of celebrities, including Lindsay Lohan, Rapper Future, and Eminem. Toward the end of 2021, even former First Lady Melania Trump launched her own NFT which was inspired by former President Donald Trump's eyes.
Logan's Million-Dollar NFT Collection
During his very own Impaulsive podcast on Youtube, he bragged about selling only one of the 42 World of Women NFTs for $765,000 the very next day after making the $800,000 purchase. It doesn't take a rocket scientist to do the math and estimate how much the rest of the NFTs would be worth collectively. For those who may find it hard to wrap their heads around a figure, Paul's co-host, Mike Majlak confirmed the high-priced NFT, stating that he also bought World of Women tokens "at around 2 ETH or probably a little lower than that," equalling somewhere in the area of $2,700.
Remember at the start of the article, we said that Logan Paul bought 42 World of Women Tokens for the price of $800,000? Upon enquiring about the starting price of one of Logan's NFTs, he confirmed it at $33,000, or 12 ETH. Suggesting the floor price of Logan's NFTs at 12 ETH equates the value of his remaining 38 World of Women tokens to about $1.3 million. But, telling from the selling price of one of the tokens at $765,000, $1.3 million may be an obsolete estimation. If all 38 NFTs were to be sold within that price range, it would place his NFT wallet value well over $30 million.
Whales In The OpenSea Of NFTs
That would far exceed that of motivational speaker, Jordan Belfort, also known as The Wolf of Wallstreet, whose NFT wallet is valued at just over $600K.
But being realistic, Logan probably won't get all 38 NFTs to sell for $765,000. According to Dexerto, the floor price of the World of Women NFTs was just below 8 ETH, which works out to be $23,000. If he were to sell all his NFTs around the same price, it would be estimated at a little over $875,000. Either way, it goes, the Youtube star is bound to make a profit on the investment.
Other NFT whales with NFTs in the OpenSea platform include the famous gamer and vlogger, Richard "Ricky" Bengston, better known as FaZe Banks, who in October 2021 has an estimated NFT portfolio of $8 million; musician and Lincoln Park co-founder, Mike Shinoda; and rapper and entrepreneur, Snoop Dogg, who has over 300 NFTs valued at over $20 million. Forget Picasso paintings, the future of art is NFTs!
Sources: Ginex E-TV Sports, Dexerto
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