An overview of the NFT space from Logan Paul’s lawsuit following his actions with CZ NFT and the addition of crypto payment to NFT-supporting social media platform Twitter.
🚨Logan Paul was just sued in a class action lawsuit for his role in CryptoZoo, along with Jeff Levin, Crypto King, Eddie Ibanez and more. pic.twitter.com/Wmk3jM8grx
— Coffeezilla (@coffeebreak_YT) February 3, 2023
Logan Paul, an internet influencer and early investor in NFTs, unveiled yet another NFT project. Don Holland then initiated a legal process against Logan, claiming that Logan used his numerous advertisement channels to promote and encourage the purchase of NFTs without doing his due diligence.
It seems Logan lost funds in the last project he unveiled. The lawsuit claims he attempted to take advantage of the situation by manipulating the market for his Zoo token, which is supposed to be digital money. Also, he said that “CryptoZoo was never issued as claimed, and the Zoo token value plunged.
Logan and his associates marketed CZ NFTs to their users, making false claims after making payments for CZ NFT, they would receive benefits from the transaction, which included rewards, exclusive access to other cryptocurrency assets, and the endorsement of an online ecosystem to use and market CZ NFTs according to the acquisition.
Thus, Paul and his accomplices were accused of participating in deceptive representation and acts of negligence and unjust enrichment. In addition, they were charged with conspiracy to conduct fraud and breaching the Deceptive Trade Practices Act of the state of Texas.
Then NFT-supporting Social media giant is set to add yet another feature to its platform.
₿𝗥𝗘𝗔𝗞𝗜𝗡𝗚: Twitter has officially started the regulatory process to add payment features in the United States! @Elonmusk recently explained, "There's a role for crypto in the future. It’s a no-brainer for Twitter to have payments in both fiat and crypto" pic.twitter.com/f71EZFa1LP
— Documenting ₿itcoin 📄 (@DocumentingBTC) January 30, 2023
In January 2021, Twitter users were allowed to display their NFTs as profile pictures on their Twitter accounts. Then Twitter Tiles was launched, allowing users to display, list, and trade NFTs housed on different Blockchains and marketplaces.
To give users more value for their currencies and attract more users, Twitter has started regulatory processes to add payment features to their US-based users.
The feature started back in 2021. The former CEO of Twitter, Jack Dorsey, shared plans to allow users to tip content creators and receive payments from their followers. Now Twitter is registering its payment processing subsidiary called Twitter Payments LLC. The process began last year, and if it gains state-level approval, it intends to be fiat focused.
In an interview with Elon Musk, the owner of Twitter, he clarified that Cryptocurrencies are the future of payment. In his opinion, almost all money is digital. Thus, Twitter Payment LLC aims to be both fiat-focused and crypto-focused. The intention is to design the payment platform to enable crypto asset functionality in the near future.