Yuga Labs Co-Founder Goes on a NFT Spending Spree
If you’ve been following the NFT market, you may have noticed that Wylie Aronow, the co-founder of Yuga Labs, has been making some big moves to inject life back into the struggling industry. Aronow, also known as Gordon Goner, recently announced his intention to purchase NFTs that are not part of the Bored Ape Yacht Club collection. Since then, he has gone on an unprecedented spending spree, shelling out over $1.5 million for more than a dozen new tokens from various well-known collections.
Aronow’s purchases included NFTs from Doodles, Meebits, Pudgy Penguins, and even pieces from the famous digital artist Beeple. Despite being a key figure at Yuga Labs, Aronow took a leave of absence earlier this year due to health issues, which led to his recent spree.
‘More Momentum’
According to The Block Research Analyst Brad Kay, Aronow’s buying spree is aimed at adding momentum, volume, and traders to the NFT market. This move is reminiscent of what celebrities and influential figures used to do during the peak of NFT popularity in order to induce FOMO (fear of missing out). This aggressive buying comes on the heels of one of the best months for the NFT market in a while, with volumes rising by more than 20% in October.
However, despite this positive development, both Yuga Labs and marketplace giant OpenSea have had to downsize their staff due to the ongoing downturn in the market.
Hot Take: Can Aronow Save the NFT Market?
It remains to be seen whether Aronow’s spending spree will be enough to revive the struggling NFT market. His efforts are certainly unprecedented and have injected some much-needed energy into the space. With increasing volumes and notable purchases from influential figures like Aronow, there is hope that the NFT market could see a much-needed resurgence in the near future.
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