KEY POINTS
Kevin Rose, co-founder of PROOF and the Moonbirds non-fungible token (NFT) collection, has reportedly divested his NFT holdings, as disclosed in a recent X (Twitter) post by Chinese reporter Colin Wu.
Citing data from NFTScan, Wu highlighted that over the past 16 days, Rose has been actively selling his NFT assets, amounting to approximately 309.7 ETH, equivalent to over $1.2 million.
Notable transactions include the sale of Fidenza 531 for 142 ETH (over $560,000), xcopy’s “When Airdrop?” for 151.2 ETH (over $590,000), and Chromie Squiggle #4577 for 8 ETH (over $31,000). Additionally, Rose reportedly liquidated his ENS domains by transferring them to a burning address.
These divestitures follow the recent acquisition of PROOF and Moonbirds by Yuga Labs, a move aimed at bolstering its Otherside metaverse. Following the acquisition, Moonbirds rapidly climbed to the second position in the all-time list of NFT collections by sales volume, trailing only BAYC. The collection recorded a remarkable +121.59% surge in volume and a +104.44% increase in sales within a mere 24 hours.
Amidst these recent acquisitions and divestitures, the trajectory of Rose’s involvement in the Web3 market remains uncertain. The NFT market, in particular, faced many challenges last year, leading to the closure of several projects and an exodus of participants from the space.
Nevertheless, signs of resurgence have emerged since November 2023, as analysts began observing positive trends. Bitcoin NFTs attained record-breaking sales exceeding $881 million by the end of 2023.
Moreover, Ethereum’s NFT market witnessed a notable resurgence last month, with sales surging by nearly 97% during the second week of February. Concurrently, Solana NFTs reached a significant milestone, surpassing $5 billion in total sales.
