Logan Paul, a YouTuber and social media sensation, has unveiled a new initiative to create a blockchain-based marketplace with a distinctive twist. With an intriguing proposal to democratise the ownership of rare and collectible goods for average people, the new firm has garnered $8 million in capital and is already attracting interest and criticism.
Paul’s career as a YouTuber and social media star began on YouTube and Vine in the mid-2010s. Since then, he has appeared in a number of films and television shows, including Law & Order: Special Victims Unit and YouTube’s video series The Thinning. He also made his WWE SmackDown debut in 2021 and has recently pursued a career in boxing. Paul’s career, on the other hand, has been tarnished by scandal, most notably the infamous suicide forest controversy in 2017, which sparked international outrage.
Paul’s new startup, Liquid Marketplace, was only recently revealed on Twitter. The company’s goal, according to Paul, is to “fractionalize pricey assets,” allowing everyone to share ownership of a valuable or collectible asset. Users can purchase tokens that reflect a stake in the actual object and are stored on the Ethereum blockchain. The commodities themselves are kept in a real vault by Liquid Marketplace. According to its website, the company also handles the authentication and appraisal of the artefacts.
Last year, Paul’s interest in collectibles was made public after a bet on first-edition Pokemon cards backfired. The $3.5 million worth of cards were unboxed in the presence of staff from the Baseball Card Exchange (who had previously verified the items.) The cards were later discovered to be false, leaving Paul with a significant financial loss. Paul, on the other hand, has subsequently acquired authentic Pokemon cards, including the world’s rarest Pokemon card, which sold for $5 million.
The idea of tokenizing tangible commodities and preserving them in a vault is sure to pique blockchain enthusiasts’ curiosity. Although connecting tokens to physical things undoubtedly provides further credibility to the value, the marketplace appears to be in the style of NFT marketplaces. Some experts, on the other hand, argue that tokenizing actual goods will result in ownership disputes. The tokens, according to Liquid Marketplace, represent actual co-ownership rather than shares, but how this works in practice is another story.
In a philosophical sense, if thousands of people claim a stake in an item but don’t have meaningful access to or control over it, then that item isn’t owned in a meaningful sense. This appears to be a major problem, as it runs counter to the goals of “real life” collectors. People who are already interested in cryptocurrency development company Malaysia may find this approach appealing.