"Disappointed" gamers will be able to receive the 0.1 ETH minting fee back — but the value of Ether has plummeted substantially in recent months.
Logan Paul has unveiled a new "three-step plan" that's designed to compensate CryptoZoo investors — but critics are already claiming it doesn't go far enough.
The influencer received some unwelcome scrutiny after Coffeezilla, a rival YouTuber, released a three-part investigation that made damning allegations about the as-yet-unreleased NFT game.
Paul initially reacted furiously and threatened to sue the streamer for defamation — but later backed down and admitted he had been "rash."
In a video posted on Twitter, Paul began by saying:
"Coffeezilla is not a criminal. I called him, I apologized, my initial response to his series was that of fire and ego … I'm a fighter at heart and I was defensive because I know I never scammed anyone with this project, I never made any money, never sold any tokens and only had the best intentions going in."
Nonetheless, he admitted that more attention needed to be paid to helping fans and supporters who have been left out of pocket.
Logan Paul began by saying that he and his manager, Jeffrey Levin, would be burning their ZOO tokens. This would mean that they'll no longer have a financial interest in the game — with decreasing supply hopefully providing an uplift in price to other holders.
Elsewhere, he conceded that some players are "disappointed" in the lack of progress that has been made in launching CryptoZoo. To this end, Logan Paul said gamers would be able to burn their assets and receive the original mint price of 0.1 ETH back.
"I am personally committing 1,000 ETH to this — which is about $1.3 million right now for players who want to get out."
It's this particular proposal that's caused consternation on Crypto Twitter. Whereas 0.1 ETH would have been worth $350 when in-game assets were being minted, this would have dwindled to just $150 at current market rates.
The final part of Logan Paul's three-part plan was a vow to finish and deliver the game as set out in the white paper for CryptoZoo — completing a marketplace, and ensuring that players can earn yield on the hybrid animals they generate in the game. Paul finished by saying:
"To say I am disappointed in how this was handled internally is an understatement. There's a full internal investigation going on, along with an audit, and we're going to pursue full legal action for whomever needs to be held accountable."
He insisted that any money that ends up being recovered will end up going directly to the CryptoZoo community, adding:
"I know this video is long overdue. Here it is. I'm sorry, guys. I apologize for how this has unfolded thus far and I want people to know that they can trust me and I will always take care of the fans and people who support me."
And in a dramatic shift of tone, he thanked Coffeezilla for "catalyzing" this — saying he was "grateful" that he had performed the investigation.
