Rektguy NFT founder, Mando, rocked the non-fungible token (NFT) world yesterday, going on a liquidity hunt like no other. Selling 71 highly converted Bored Ape Yacht Club (BAYC) NFTs, alongside other blue-chip collectibles, Mando racked in more than 5545 ETH ($9M) in sales on Blur — the newcomer marketplace overriding OpenSea.
Quick Take:
- NFT founder Mando sold blue-chip NFT collectibles on Blur, totaling to $9M in sales.
- Despite the significant sell-off, the prices of OG NFT collectibles remained surprisingly stable, which is unusual as such an event would usually cause an immediate price drop.
- Mando admitted to taking advantage of current NFT profit and liquidity.
- This sudden sell-out inspired Beeple to create a signature artwork featuring 72 Bored Apes.
Factors Contributing to the Dumping of OG NFTs
Yesterday, a massive dump of NFTs hit the Blur marketplace, courtesy of crypto whale Mando (wallet 0xC88). He sold 71 BAYCs, 11 Mutant Ape Yacht Clubs (MAYCs), 7 Azukis, and BEANZ NFTs.
Typically, this significant sell-off would cause an immediate price drop for the OG NFT collectibles. However, this time around, the prices surprisingly remained stable.
NFT builder @CirrusNFT took to Twitter to share his thoughts:
In the thread, Cirrus explains, “if you tried to sell $9M USD worth of apes in one go a couple of months ago you’d probably nuke the floor 15-20E. There’d be an outbreak of Twitter spaces on this app titled “BAYC headed to 0?”
Mando has admitted to taking advantage of current NFT profit and liquidity—to utilize during periods of scarcity.
Beeple latched onto Mando’s liquidity incentive, responding to his sales by creating a signature “Everyday” artwork featuring 72 Bored Apes:
Moreover, Mando admitted that, “one should be able to seize the opportunity to obtain liquidity when it is abundant and readily available.”
Although the crypto whale’s wallet now only holds 9 NFTs, he is said to be optimistic about the future of Web3. Hence, currently being present at Europe’s largest NFT event, NFT Paris, to represent the Rektguy community.
Be sure to check out his wallet address at the end of the conference.
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