Kevin Rose sells $1.2M NFTs, still eyes future buys

Kevin Rose, co-founder of PROOF and Moonbirds, has sold more than $1.2 million in NFTs, an unexpected disclosure piqued the interest of both the digital art and crypto communities. This has just generated so many questions about his role in the Web3 community. Rose emphasized that he has not completely abandoned the Web3 space; rather, he is modifying his investment approach to correspond with the anticipated changes in this market environment.

Rose has addressed the ongoing discussion over his recent behavior on X, a major social media platform. In his statement, he stated that he has been closely monitoring his collection of non-fungible tokens (NFTs) since he believes that general acceptance and play are still a long way off. 

He also underlined the importance of stablecoins, claiming that they would outperform NFTs in terms of metrics. Nonetheless, Rose felt convinced that he would not abandon collecting altogether. He simply stated that his objective is not to abandon the NFT industry but rather to put it on pause while he pursues another type of business initiative. 

Rose successfully sold a limited number of high-value items for significant sums of Ethereum on March 9th. The items sold included artwork from Tyler Hobbs’ Fidenza series for 142 ETH and an exclusive work by artist XCOPY for 151.2 ETH. Furthermore, Rose took measures to enhance his privacy by burning two domain names associated with the ENS. 

Rose discussed his NFT trade plan in his disclosure, which was critical and must be closely monitored. He emphasizes that because you do not rely on a single collection or holding to be successful, you can reduce losses by spreading them out rather than making them more or less significant. 

In an unconventional approach, Rose invests in digital artworks that are anticipated to appreciate in value over time. However, their worth should be judged in terms of immediate monetary gains. 

Yuga Labs’ recent acquisition of PROOF, the expansive company owned by Rose and responsible for the Moonbirds brand, introduced an additional dimension to the narrative, thereby enhancing the project’s visibility. The procedure, the specifics of which are withheld, serves as a significant milestone for PROOF and the NFT community as a whole, as it involves the space’s most influential player.

Rose’s recent conduct and statements illuminate the progressive mindset of a prominent figure within these communities amidst the ongoing crypto-art revolution. He remains completely receptive to incorporating both technological and artistic elements into NFT. However, this creates the impression that the connection between the audience and the Web3 world is dynamic and ever-changing.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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