Bold BAYC whale just spent almost $1 million on DeGods NFTs
DeGods has recently racked up more trading volume in SOL than any other project, thereby dominating the Solan NFT space. Additionally, it’s planning to move over to Ethereum.
Major investor raises interest in the space
Following the plan to switch to Ethereum, DeGods has caught the interest of at least one major investor. “Pokeee,” a pseudonymous NFT trader, spent almost $1 Million sweeping 69 DeGods on Monday.
The investor purchased the NFTs using its tool through the Magic Eden Marketplace. This tool allows buyers to ‘sweep the floor’ or buy any amount of NFT from a project. Investors sometimes buy many lowest-priced NFTs in a project to bet on the collection’s future success. This is instead of individually selecting more valuable assets.
When Pokeee’s tweet on 13th January received 1,000 likes on Twitter, he promised to make the purchase. The tweet said he would buy 69 of the NFT to support the project’s intent to move to Ethereum, gaining the tweet almost 3,000 likes. He completed the approximately $900,000 purchase three days later.
Previously, Magic Eden’s “bulk purchase feature” only allowed the purchase of up to 50 NFTs at a time. However, an interested investor prompted the marketplace claiming that the proposed change was of great inconvenience. The prompt caused an upgrade in the functionality to allow larger bulk purchases.
Whale reveals his crypto portfolio
On Twitter, Pokeee claims to be the owner of Pokee.eth Ethereum wallet. This wallet holds three valuable Bold Ape Yacht Club NFT, Ethereum Name Service (ENS) name, and other NFT collectibles.
In an interview posted by Magic Eden via their website, Pokee claimed to run a private crypto fund. He also said that he made the huge DeGods move due to its planned move to Ethereum.
Moreover, he said that his purpose for this investment was to bridge it to ETH. He also claimed to be having fun on Solana with smaller NFTs and mints in the past. Therefore, he could not deploy significant parts of his portfolio in Solana due to on-chain risks.
DeGods’ NFT movement
According to data from CryptoSlam, DeGods has recently traded about $135 million. DeGods outshines all SOL-based projects with a 3.7 million SOL trade value, including Solana Monkey Business and Degenerate Ape Academy, which were popular when SOL was more valuable.
Despite the late launch in 2021, the project grew significantly and notoriously. Developer DeLabs, led by Frank (Rohun Vora), developed a reward token, released new artwork, and purchased the rights to a BIG3 basketball league team. He also initiated a follow-up project called y00ts.
Towards the end of the year, DeLabs announced that DeGods would be bridged to Ethereum’s mainnet. Y00ts, on the other hand, will be bridged to Polygon, a sidechain of Ethereum. Both these moves will be complete by the end of this quarter. The studio acknowledged the receipt of $3 million from Polygon Labs to move y00ts to MATIC token’s blockchain network.