Logan Paul has begun the process of buying back NFTs from fans who lost money in his failed cryptocurrency game.
The YouTube star announced the game CryptoZoo in 2021 but it never materialised, despite fans spending millions on game tokens.
Paul, 28, has now said he will buy back the tokens, on the condition that fans who accept do not sue him.
It is unlikely that fans will get all of their money back.
CryptoZoo was meant to be a game where players bought, sold and bred virtual animals using cryptocurrency.
At the time, Paul encouraged people to buy cryptocurrency collectables for what he called a “really fun game that makes you money”.
However, after selling millions of dollars worth of NFTs and crypto coins, he stopped talking about CryptoZoo and seemingly abandoned the project.
After another YouTuber, Coffeezilla, released a series of videos showing his investigation into the project in December 2022, Paul apologised, saying he wanted to “make this right”.
A year on, he has now announced the start of the buy-back process, which he says will cost him $2.3m (£1.8m).
He will refund players 0.1 Ether, which is a cryptocurrency, per NFT that was bought.
The NFTs were originally sold in September 2021 for 0.1 Ether.
However, its monetary value has dropped by 37% since the launch of CryptoZoo NFTs, which means fans will still lose out financially.
In a post on X, formerly Twitter, Paul said: “This buy-back is a way for me to make whole those who intended to play CryptoZoo.
“The buy-back is not intended to compensate those who gambled on the crypto market and lost.”
He added that it was “not intended as an investment vehicle”.
Source: JoyOnline