Yuga Labs co-founder embarks on a $1.5M NFT buying spree

Yuga Labs co-founder embarks on a $1.5M NFT buying spree

Wylie Aronow, the co-founder of Yuga Labs, known as Gordon Goner, has embarked on a massive $1.5 million shopping frenzy in the NFT world. Aronow acquired rare pieces from top collections like CryptoPunks, Doodles, Pudgy Penguins, and works by the renowned digital artist Beeple.

Previously announced

The surprising shopping spree was first hinted at by Aronow on X just days ago, coinciding with a slight upswing in NFT trading volumes this October.

Aronow’s spree kicked off with a stunning purchase of a rare CryptoPunk for 600 ether, equivalent to $1.14 million. His total expenditure has surpassed the $1.5 million mark, marking one of the most extravagant forays into the NFT market since its last major bull run.

Beyond Yuga Labs: Joining other NFT communities

The purchases are diverse, extending beyond Yuga Labs’ sphere. Aronow has added over a dozen new tokens to his collection, including pieces from Doodles, Meebits, Pudgy Penguins, and Beeple. These acquisitions showcase his interest in a variety of prominent NFT collections.

Aronow’s activity has stirred his 155,000 followers on social media. He explained his actions on Wednesday, stating:

“I had always wanted to join more communities across the web3 space but felt I had a responsibility to restrict myself from doing so while still working at Yuga.”

Despite co-founding Yuga Labs, a major force in the NFT industry, Aronow stepped back earlier this year due to health issues, taking a leave of absence. This bold series of purchases has marked his return to the NFT space.

Revitalizing the market

Aronow’s actions followed a positive turn for the NFT market in October, witnessing a 20% rise in trading volumes. However, the industry still grapples with a downturn, leading to staff reductions at major players like Yuga Labs, OpenSea, and Avalanche.

It is speculated that the bold shopping spree was meant to stimulate the NFT market, onboarding more investors by inducing FOMO among crypto enthusiasts. Regardless of any veracity of the claims, Aronow’s actions reflect his interest in diverse NFT communities, something he could not fully explore while working under Yuga Labs.

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