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Cryptocurrency markets are maintaining their upward momentum, leading to substantial gains for many investors. While this trend is not yet seen in the NFT market, we are witnessing notable developments in this area as well. PROOF’s co-founder Kevin Rose has decided to sell NFTs valued at $1.2 million but refuted rumors that he is completely exiting the Web3 space.
Kevin Rose’s NFT Sale
Kevin Rose shared his thoughts on this decision through social media platform X:
“I’m currently selling off my NFT collection. The primary reason is my belief that mass adoption is still far off and traditional cryptocurrencies will perform better. However, I am still actively collecting.”
On March 9th, Rose executed sales of several high-value NFTs, including a piece from Tyler Hobbs‘ Fidenza series for 142 Ethereum and a one-of-a-kind work by artist XCOPY for 151.2 Ethereum. Rose also burned two ENS domain names and canceled their main registrations, stating that this move was made for privacy reasons. He commented on the matter:
“As always, I diversify rather than praying for a single collection or asset to succeed. I also size my collection only as much as I am willing to lose in the short term.”
Insights into the NFT Market
Rose detailed his philosophy on collecting in an interview with Fast Company in July 2023, stating that when he purchases a Tyler Hobbs, he does so with the intent to keep it for decades because he sees it as a beautiful piece of art. Rose’s company PROOF was acquired last month by Yuga Labs, which recently took over the Moonbirds brand, one of the few NFT projects in the public domain. The details of the deal’s magnitude were not disclosed to the public.
The NFT market continues to be influenced by the GameFi sector. Projects that take steps towards tokenization are consistently meeting investor interest. During this period, many projects have gained significant momentum, though their earnings have yet to approach those of crypto assets.
