Infamous YouTuber Logan Paul held an auction last week. It wasn’t just any old auction. No, good old Logan Paul held an NFT auction. From February 4 until February 11, Paul auctioned off 36 packs of Pokemon cards. However, there’s a catch. A very Logan Paul catch. Each pack of Pokemon cards was accompanied by a holographic image of Logan Paul in boxing gear.
However you feel about Logan Paul, this illustrates a larger trend that’s happening in the industry. Celebrities, musicians and all types of culturally relevant people, apparently even lowly YouTubers, are releasing NFTs. There’s one DeFi project that’s making big waves in the world of NFTs you’ve got to hear about Bondly. By securing one of the biggest partnerships in the NFT space, and the greater collectable space in general, Bondly is rapidly becoming one of the biggest names in NFTs.
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And for even more crypto and behind the scenes action, check out our other channel network, Hit Network. In today’s content, we’re going to take a look at the hottest trend in crypto, NFTs, and tell you how celebrities like Logan Paul are cashing in on this trend.
Now, I’m sure that you know by now non-fungible tokens are blowing up. There’s a very basic element of human psychology that makes the NFT phenomenon understandable. Humans value scarcity. Humans love to collect. NFTs are scarce and collectable at their core. Non-fungible is not replaceable. As in unique or one of a kind. In other words, non-fungible tokens are non-replaceable tokens.
Anything that is rare, like a baseball card, would have a natural synergy with the wide world of NFTs. It could take the old world of collectables one step closer to the next century, giving them a modern twist. From the Lil Yachty collectable that went for $16K in December to the NFT released by Lincoln Park’s Mike Shinoda, NFTs are getting one step closer to the edge of mainstream media attention. That’s right.
NFTs are one of the hottest sub-industries to emerge from crypto. It’s not just musicians and YouTubers, even the NBA entered in on the action with NBA Top Shots. NBA Top Shot NFTs allow fans to own some of their favourite NBA moments of all time in a rare one-of-a-kind digital collectable. The Top Shot team did something right because it’s raised $31 million as a first of its kind NFT platform capturing sports moments collectable form.
Some of the individual NFTs that NBA Top Shop launched sold for tens of thousands of dollars, like the screenshot of this dunk that LeBron James slammed home in November 2019. Tyler Herro of the Miami Heat dropped an NFT on Top Shot as well. That was sold for $2K according to NBA’s Top Shot website. Between the NBA and some raps hot as mumble rappers, NFTs are becoming stacked and with cultural relevance more and more every day.
And it doesn’t stop there. As a matter of fact, the biggest NFT sale to date occurred just earlier this month. Nine plots of virtual land on blockchain game Axie Infinity were sold on February 8 for over 888 ETH, worth around $1.5 million at that time.
Incredible! That makes the Axie Infinity NFT sale the most ever paid for NFTs in history. However, those are only the more mainstream NFTs. The tip of the iceberg, one might say. And one name that you might be hearing a lot in the NFT space is Bondly. In case you don’t know, Bondly is a Polkadot-based ecosystem of decentralized DeFi products.
Bondly’s DeFi ecosystem includes fully decentralized atomic swaps with cross-chain compatibility and a DEX with fiat on and off-ramping via its BOND DEX solution. However, Bondly is also a pioneer in the NFT space offering the ability for users to make NFTs on their platform and use their atomic swap multi-chain digital asset exchange to sell NFTs.
As a result, Bondly is getting a lot of attention in the NFT world, especially after the announcement of their NFT collaboration with Logan Paul. That’s right. The newest celebrity to throw their hat in the NFT ring is Logan Paul. And he’s using Bondly to do it. Yes, Logan Paul sees Bondly as the future of NFT, so it’s no wonder that he went with Bondly to launch his own NFT.
In case you haven’t heard of Logan Paul, he’s a YouTuber. Like me! However, not as good looking or talented. Despite this, he’s amassed a huge YouTube following and also hosts his own podcast “Impulsive”, clocking in a respectable 22 million or so subscribers. And Logan Paul is no stranger to Pokemon cards, with reports of him paying $150,000 for a Charizard in October of last year making international news.
Soon after that, he told all of his fans that he would spend three months looking for unopened 1st edition boxes of Pokemon cards. According to BBC, Logan ended up spending $2 million total buying six boxes of Pokemon cards. Each box contains 36 packs with around 400 cards in each. Logan said that he’s going to auction all 36 packs away and will be opening them live in a box break on his YouTube channel on Pokemon Day on February 27 which is also the 25th anniversary of Pokemon.
Wow, However, Logan wanted to take the once-in-a-lifetime event to the next level, launching his own exclusive line of NFTs last week in collaboration with Bondly. Along with each Pokemon card pack sold at auction, buyers will also receive one of a limited edition of 44 Logan Paul holographic NFTs. In addition to Logan’s one of 44 ultra-rare holographic NFTs, Bondly worked with Logan Paul to create and sell an entire line of limited edition NFTs paired with his box break just in case there was anyone who couldn’t make a bid in the auction.
On Friday, February 19 at 11:11 AM PST, Logan Paul released his exclusive set of 3000 NFTs on BondSwap Marketplace, which is powered by Bondly. Each of these NFTs was priced at 1 ETH each. On just the first day of their release, Logan Paul sold the equivalent of $3.5 million of ETH. Demand for the Logan Paul NFT was also driven by a contest whereby three winners will receive a 1st edition pack of Pokemon cards valued at around $40,000, an exclusive “1st Break” NFT, and they’ll be flown out to LA to take part in Logan’s Pokemon live unboxing event on February 27.
I can only imagine that this will be one of the biggest events in NFT history. And Logan Paul is at the centre of it. Like I said before, this really is just the beginning for NFTs. They’re only going to get bigger from here. The really cool part about NFTs is they truly are not limited to just collectables. NFTs can represent any kind of digitally unique one-of-a-kind asset, from concert tickets to a movie poster like the Hollywood Stack NFT startup mobile productions.
NFTs will stick with the entertainment industry like peanut butter and jelly. Ugh. I don’t like jelly. But it will usher in today’s superstar athletes and cultural icons to have a more connected experience with their fans. And at the end of the day, that’s what drives the entertainment industry— fan engagement.
So as fans buy into the idea of NFTs and see their inherent value of scarcity that mostly all humans have, more and more money will be thrown into this industry. Literally, every actor and all-star athletes want in NFT in their likeness, from Hollywood A-listers to Olympic medalists.
We already have ours. The wave though is coming. There’s a bright future ahead for NFTs. And for Bondly as well. This is one of the reasons that Bondly’s native token has been on a nonstop upward trajectory since the token launch in December. Bondly has a market cap of somewhere near $60 million. It has a total supply of just over 983 million tokens.
There are currently just under 104 million tokens in circulation. But where do you guys think the price of Bondly will end up? For me, I think the price will certainly be going up considerably this year. And the Logan Paul event this weekend should help that. But let me know what you guys think about Bondly. Drop those thoughts below. That’s all I got. Be blessed. BitBoy out.
Read More: Bondly NFT’s Explained