LOGAN Paul may be busy with YouTube and boxing, but he’s also got a lucrative side hustle worth millions.
The social media star, 27, is estimated to have one of the most valuable NFT portfolios.
Celebs have been jumping on the NFT bandwagon as the latest bonkers digital craze similar to cryptocurrencies.
An NFT – or non-fungible token – provides something a bit different as it digitises a piece of work such as art or music and turns it into a non-fungible token that is stored on the blockchain.
Once you buy an NFT it becomes your own artwork and cannot be replicated.
Logan ranks fourth among celebs the world over, with a stash worth a whooping $4.85million / £3.95million, according to the NFT Club.
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But the controversial YouTuber is second in terms of the number of NFTs he owns, with just under 2,500.
He and entrepreneur Gary Vee, 46, are the only two big names with more than 2,000 under their belt.
Among Logan’s haul is VeeFriends, the most popular NFT investment adored by celebs who have put $68.59million / £55.83million into it.
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It was created by Gary Vee, so it’s no surprise he owns more than 1,000 VeeFriends NFTs and ranks highest overall.
Logan is also an owner of CryptoPunks and last year revealed someone offered him an eye-watering $700,000 for his favourite one.
What is an NFT?
Here’s a simple guide…
- NFTs are a hot new tradable item taking the internet by storm
- The letters NFT stand for “non-fungible token”
- If something is “fungible”, it can be traded for an identical counterpart
- For instance, Bitcoin is technically fungible – you can swap one for another, and have the same thing
- Physical cash is also fungible – you could trade one £10 note for another
- An NFT is a totally unique digital token with no copies
- Like Bitcoin and other cryptocurrencies, NFTs work using a blockchain
- A blockchain is a public ledger of transactions recorded across the internet – and is totally unalterable
- The NFTs on the blockchain can be traded like Bitcoin, but they’re unique by design
- This gives them a special value, because each NFT is individual and unique
- You can turn almost any kind of data into an NFT
- People are selling digital artworks, songs and even tweets in NFT form
- More elaborate NFT sales include virtual trainers/sneakers and even a virtual house
- Importantly, NFTs are not physical – so if you buy an NFT object, you’re just owning a part of the blockchain and NOT a physical item
But he decided not to sell it.
In January he revealed that he made a staggering $535,000 / £436,000 in profit after selling a World of Women NFT for $765,000 / £623,000.
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“Speechless again,” he said.
“Normally id say probably nothing but this is probably something.”
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