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TL;DR Breakdown
- A pseudonymous NFT trader known as “Pokeee” spent $1 million on Rare DeGods NFTs.
- The avid collector took advantage of the unique opportunity to purchase 69 DeGods NFTs in one swoop on Solana via Magic Eden, with the intent of eventually linking them to Ethereum.
DeGods has taken the Solana NFT industry by storm, amassing more trading volume than any other project in SOL. They aim to expand into Ethereum and have already gained recognition from influential investors.
On Monday, “Pokeee,” an anonymous NFT trader, spent a whopping $1 million to secure 69 DeGods NFTs from the Magic Eden marketplace. Furthermore, this strategy—buying multiple of the lowest-priced assets rather than selecting more valuable ones—is known as “sweeping the floor” and suggests that Pokeee is confident in the future success of these collections.
Pokeee committed to following through with the purchase of 69 NFTs for approximately $900,000 should his tweet from January 13th receive 1,000 likes on Twitter – which it did! Ultimately, it garnered almost 3,000 likes within three days. Subsequently, as promised, he went ahead with the acquisition in support of their Ethereum migration project.
W 69 degods sweep 👀 @frankdegods @DeGodsNFT @DeGodsAsia @kevindegods @MagicEden @ChartFuMonkey pic.twitter.com/t5sOEEwWYU
When a customer voiced the “ultimate inconvenience” of Magic Eden’s limitation to purchase only 50 NFTs at once, the marketplace quickly responded by upgrading their bulk buying feature. Now they offer up to an unlimited number of mass purchases – all in one click.
The Pokeee Twitter account has asserted itself to be the same owner of the Ethereum wallet, Pokkee.eth, in which three rare Bored Ape Yacht Club NFTs are stored alongside other NFT collectibles and an essential Ethereum Name Service (ENS) name.
Today, Magic Eden conducted a text interview with Pokeee and disclosed that he operates his private crypto fund. Furthermore, he divulged the rationale behind his considerable investment in DeGods.
Expressing his intent behind this investment, he stated that the ultimate plan was to have them bridged to ETH. Unfortunately, due to on-chain risks and limitations, larger portions of his portfolio could not be deployed into Solana; however, with smaller NFTs and mints available at the time, he found joy in exploring these new possibilities.
DeGods has accumulated $135 million in trading volume, according to CryptoSlam data. Although it trails projects such as Solana Monkey Business and Degenerate Ape Academy– which gained popularity when SOL was more valuable – by total USD value, on a SOL basis, DeGods is the leader of them all with at least 3.7 million worth of trades already achieved.
It’s just the beginning. pic.twitter.com/F3vxzXQAOy
Launched in 2021, the project skyrocketed in value and importance last year. Developer DeLabs’ leader, Rohun Vora (formerly known as Frank), made a splash introducing his reward token, displaying new art pieces, procuring the rights of an NBA-affiliated BIG3 basketball team, and launching y00ts—their second endeavor.
Announcing at the end of December, DeLabs declared that DeGods would migrate to Ethereum’s mainnet and y00ts would be bridged over to Polygon – an Ethereum sidechain. With a $3 million grant from Polygon Labs, the studio promised to conclude both relocations by this quarter’s close.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.
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