CryptoZoo (new)
Crypto Overview
Project Overview
CryptoZoo was announced in 2021 as a blockchain-based game where players could breed, collect, and trade exotic hybrid animals as NFTs. The project was promoted by Logan Paul, a social media influencer.
Intended Purpose and Utility
The project claimed it would offer a Play-to-Earn (P2E) gaming ecosystem where users could: Purchase eggs that would hatch into base animals, Breed animals to create hybrids, Trade animals on a marketplace, Earn ZOO tokens through gameplay.
Current Status and Development
As of 2024, CryptoZoo has not delivered on its promised functionality. No working game was ever released. The project is currently involved in legal proceedings, with Logan Paul facing a class-action lawsuit from investors. In January 2024, Paul announced a $2.3M refund program for those who purchased eggs.
Business Model Analysis
While the intended gaming utility would have been permissible under Shariah, the project failed to deliver any functional product. Investigation by cryptocurrency researchers revealed significant misrepresentations about the project's development status during its promotion phase.
Token Distribution and Governance
Detailed information about token distribution is not publicly available. The project's smart contracts showed concerning patterns that allowed privileged addresses to mint tokens freely.
Crypto Impact
To assign a comfort level investing in CryptoZoo (new) from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to CryptoZoo (new).
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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