Rektguy NFT founder Mando went liquidity hunting yesterday, selling 71 BAYC NFTs alongside other coveted collections. The bids on the Blur marketplace totaled over $9 million (~5545 ETH). Surprisingly, the floor prices across the BAYC/MAYC collections remained unfazed. NFT counter go brrrr,,,
Dumping BAYC NFTs: Why?
NFT whale and Rektguy project founder Mando (identified as the “0xC88” wallet) dumped a megaton of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Beanz NFTs on Blur marketplace yesterday. To be precise – 71 BAYC, 11 MAYC, 7 Azuki, and Beanz NFTs were sold on Blur. As fellow NFT builder @CirrusNFT explains, “If you tried to sell $9m USD worth of apes in one go a couple months ago you’d probably nuke the floor 15-20E. Also, there’d be an outbreak of twitter spaces titled ‘BAYC headed to 0?’.” The sale is the largest one seen in quite a while. This move also had many wondering the possible reasons behind the sudden selloff.
According to reports, only 9 MAYC NFTs remain in Mando’s wallet address. This may indicate that the whale might want to drain his NFT holdings. On the contrary, Mando confirmed later in the day that he still holds many Yuga assets and continues to be bullish on the project. Moreover, he states that he has paid all the associated royalties in full.
Furthermore, Mando explains his decision to leverage the current deep NFT liquidity to gain some profit from selling his BAYC and MAYC holdings. Moreover, it seems that NFT influencer @machibigbrother purchased a huge number of these NFTs. The sale rippled through NFT Twitter, eventually catching the eye of fellow web3 thought leader Beeple. And as usual, Beeple responds to this huge sale with his trademark ‘Everyday’ artwork – featuring 72 Bored Apes!
According to Mando, one should be able to seize the opportunity to obtain liquidity when it is abundant and readily available. This is because they can then utilize it during periods of scarcity. Mando and the Rektguy community are currently at NFT Paris, Europe’s largest NFT event.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
