Kevin Rose, co-founder of NFT project PROOF, has liquidated $1.2 million worth of NFTs but denied rumors that he will exit the Web3 space entirely.
“I’ve been organizing my NFT collection recently. Mainly because I believe mass adoption is still far away and traditional cryptocurrencies will perform better,” Rose wrote in a post on X. “But I’m still collecting.”
On March 9, Rose liquidated several high-value NFTs, including a piece from Tyler Hobbs’ Fidenza series for 142 ETH and a one-for-one piece from artist XCOPY for 151.2 ETH. Rose also burned two ENS domains and derecorded his primary domain, claiming it was a privacy measure.
“As always, I look for diversification instead of hoping that a single collection or bag will do well. I’m also appropriately sizing my collection exposure to only what I’m willing to lose in the short term,” Rose explained of X.
Rose detailed his collecting philosophy in a July 2023 interview with Fast Company. “When I buy Tyler Hobbs’ work, I buy it to keep for decades. Because it is a beautiful work of art. “It’s not because it’s some kind of currency,” he said.
Rose’s company, PROOF, was acquired last month by Yuga Labs, which also acquired the Moonbirds brand, one of the few NFT projects in the public domain. The size of the deal was not publicly disclosed.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.