CryptoZoo (new)

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.