Logan Paul just found out that his unopened set of first edition Pokémon cards -- which he shelled out $3.5 MILLION to get -- is a big, fat phony ... revealing the box was full of useless G.I. Joe cards.
Rumors had been swirling about LP's purchase for weeks ... with experts skeptical about the authenticity of the cards inside the box.
26-year-old Paul and his friend/famous card collector Bolillo Lajan San met with the Baseball Card Exchange in Chicago in hopes of proving once and for all that his purchase was a good investment ... but instead, he got some REALLY bad news.
So I woke up early this morning and looking to get a jump on the blogging, hopped on the old Twitter to see what stories had hit. The only thing buzzing was this pokemon card story. I have been familiar with Logan's boxing work but never consumed any of his content outside of that. Guy just got "frauded" out of $3.5m. Was looking at all the numbers and apparently, Logan has a net worth of about $35 million dollars. This $3.5 million dollar "Blunder" regarding fake authenticated cards would be a 10th of his net worth. The whole shenanigans have all sorts of card collecting verification companies having to open other boxes because now no one knows what's real and what's not.
Logan ended up getting his money back so he's nowhere near financial ruin and the video on youtube and his new prime energy drink he promotes in it is probably going to make up for losses if there was any.
So I got to thinking if it was so goddamn easy to tell if the cards were not legit, several YouTubers and card collectors could tell from pictures, why the hell would Logan buy it and make such a big deal and create all this buzz about it. Surely he would have consulted someone with expertise before spending $3.5m.
Logan Paul might be using this trading card fiasco to undermine the whole physical collectible market to bring more value to his NFT collection. I believe this whole stunt was a way to sway public opinion against trading cards and physical collectible's authenticity and ability to hold value as a way to show how NFTs are more verifiable and a better investment. The NFT sector as a whole has had some pretty bad P.R with the whole screenshot stealing phenomenon.
By making hobbyists believe that top authenticators like BBCE who graded the box Logan bought are unreliable, it basically undermines the whole market's credibility. This stresses the value that blockchain and crypto add to an asset. Basically, this is the only point of the exercise I see Logan Paul buying an obviously fraud box of cards (besides views), that he either knew was fake or knew who did the fraud, was to paint the whole industry as fraud and give value to NFTs.
Maybe I am looking too far into the whole thing.