Kevin Rose Prunes NFT Collection Worth Over $1.2 Million
Kevin Rose, co-founder of NFT project PROOF, has recently liquidated more than $1.2 million worth of NFTs. However, he has denied rumors suggesting that he is completely exiting the Web3 space. In a post on X, Rose stated that he has been pruning his NFT collection because he believes that mass adoption is still further out and that classic cryptocurrency will outperform. Despite this, he mentioned that he is still actively collecting NFTs.
Liquidation of High-Worth NFTs
On March 9, Kevin Rose sold several high-worth NFTs as part of his liquidation process. This included a work from the Fidenza series by Tyler Hobbs, which was sold for 142 ETH (approximately $250,000), and a one-of-a-kind piece by artist XCOPY, which was sold for 151.2 ETH (approximately $270,000). Additionally, Rose burned two ENS domains and revoked the record for his main domains in order to prioritize his privacy.
Diversifying Collection and Managing Risks
Kevin Rose explained that he is diversifying his collection to minimize risk and avoid relying on a single collection or asset. He stated that he only exposes himself to what he is willing to lose in the short term. This approach allows him to manage risks effectively while still participating in the NFT market.
Long-Term Collecting Philosophy
In a July 2023 interview with Fast Company, Kevin Rose shared his collecting philosophy. He emphasized that when he purchases a Tyler Hobbs artwork, it is primarily for its artistic value and not as an investment or currency. He intends to hold these pieces for decades because he appreciates them as beautiful works of art.
PROOF Acquisition by Yuga Labs
Last month, Kevin Rose’s company PROOF was acquired by Yuga Labs. As part of the acquisition, Yuga Labs took over the Moonbirds brand, which is one of the few NFT projects in the public domain. The specific details and financial terms of the acquisition were not disclosed publicly.
Hot Take: Kevin Rose Prunes NFT Collection but Remains Active in Web3
Kevin Rose’s recent liquidation of his NFT collection worth over $1.2 million has sparked speculation about his future in the Web3 space. However, Rose clarified that he is not exiting the space entirely and that his decision to prune his collection is based on his belief that mass adoption is still further out. Despite this, he continues to collect NFTs and emphasizes the importance of diversification and managing risks. Overall, Rose’s actions reflect his long-term approach to collecting and his focus on appreciating art rather than viewing NFTs solely as investments or currencies.
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