YouTuber Logan Paul is offering refunds for a never-released CryptoZoo NFT game if he deems the NFTs eligible “at his sole discretion.” Furthermore, the former owners waive any right to file a lawsuit.
Announced in 2021, CryptoZoo was supposed to be a play-for-earning (P2E) game where players would buy, sell, breed, and trade NFTs of exotic animals using cryptocurrency.
“I am very pleased to announce that I am making good on my promise to buy back the Base Egg and Base Animal CryptoZoo NFTs at their original purchase price,” Paul said in a Twitter post.
Eligible NFTs do not include animal hybrid NFTs.
But according to the terms and conditions:
“Any NFTs submitted for the Buy-Back that PAUL in his sole discretion deems ineligible pursuant to this provision will not be returned.”
Paul added that the game will not be released, noting that he personally spent $400,000 on it and “never made a dime from the project.”
He has committed more than $2.3 million to buy back NFTs, he wrote, from everyone intending to play CryptoZoo.
“The buyback is not intended to compensate those who bet on the cryptocurrency market and lost,” he said.
Paul confirmed that CryptoZoo was sabotaged by bad actors who stole money from him. He claims that extensive research has confirmed this.
He subsequently filed a lawsuit in US federal court against CryptoZoo’s lead developers, Eduardo Ibanez and Jake Greenbaum.
0.1 ETH per NFT
The buyback process takes place on EGGNFTBUYBACK.COM. Claims can be submitted until February 8.
The website says that submitted applications will be reviewed for eligibility after this window closes.
“Shortly after the close of the submission window, 0.1 ETH per eligible NFT will be sent to each wallet address from which an eligible NFT was submitted […] and at that time you will no longer own or have any possessory interest in the NFT that was returned.”
0.1 ETH is currently worth $224.
The form requires claimants to provide Know Your Customer (KYC) information. They will also need to provide information about their NFTs and the titles they contain.
Additionally, claimants will have 30 days from the date of the email sent to them to send their eligible NFTs to the deposit addresses provided.
Aside from sending them to the addresses provided, claimants should not transfer their NFTs for any reason, according to the website.
I can’t sue Logan Paul
Before completing the form with personal information and the NFT, owners will need to accept the terms and conditions.
By doing so, they “acknowledge and agree to waive any actual or contemplated claims against” Paul and any related person, group or service.
This means that they cannot request any monetary or fair relief related to CryptoZoo.
“You further acknowledge that the Buy-Back does not constitute an admission by PAUL of your legal entitlement to any amount, nor does it constitute an admission of any responsibility in connection with any actual or anticipated claims relating to CryptoZoo.”
Meanwhile, CryptoZoo token (ZOO) has fallen 99.8% from its all-time high.