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DeGods: NFT whales are individuals or entities that own large amounts of NFTs, which are digital assets that are unique and cannot be replicated.
They may be collectors, investors, or creators of NFTs, and they often have significant influence in the market.
Due to their ownership of a large number of NFTs, they can potentially control the supply and demand of certain NFTs, as well as the prices.
One NFT whale spent a bulk to obtain 69 DeGods NFTs through Magic Eden, intending to bridge them to Ethereum.
DeGods NFT
In the Solana NFT space, DeGods have become one of the most prominent NFTs, racking the most trading volume in SOL than other projects.
DeGods is a Solana-based NFT collection of deflationary art comprising 10,000 virtual gods.
The NFT project plans to make the switch to Ethereum, attracting the attention of a prominent player in the space.
DeGods NFTs launched in late 2021 but only rose in prominence and value in 2022.
DeLabs developer, under Rohun Vora or the pseudonymous Frank, debuted a reward token.
It also rolled out new art pieces and bought the rights to a BIG3 basketball league team.
Finally, DeLabs launched y00ts, a follow-up project to DeGods.
The news
On Monday, Pokeee, a pseudonymous NFT trader, spent almost $1 million to buy 69 DeGods NFTs.
He bought the NFTs via the Magic Eden marketplace with tools that allow buyers to “sweep the floor,” otherwise known as buying specific amounts of NFTs from a project.
Traders typically purchase amounts of low-priced NFTs in a project as an investment, especially in the event of the collection becoming a future success.
Purchase buildup
On January 13, Pokeee promised to make the massive purchase if his tweet reached 1,000 likes .
He said he would buy 69 DeGods NFTs to support the project’s switch to Ethereum.
Three days later, he made the purchase for over $900,000.
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The marketplace
Previously, Magic Eden only allowed 50 NFTs to be purchased at a time with its bulk buying feature.
However, a prospective buyer prompted the marketplace to upgrade its functionality and enable the larger mass purchase.
The buyer urged the marketplace that the change was of “ultimate inconvenience.”
Pokeee
The massive DeGods buyer claims to own the Pokeee.eth Ethereum, holding three valuable Bored Ape Yacht Club NFTs, the titular Ethereum Name Service (ENS), and other NFT collectibles.
In addition, Magic Eden posted through its website, saying Pokeee claimed he runs a private crypto fund.
The NFT collector also confirmed he bought the NFTs to aid the move to Ethereum.
“My purpose of this investment is actually to have them bridged to ETH,” said Pokeee.
“Due to on-chain risks, I wasn’t able to deploy larger portions of my portfolio into Solana.”
“I was having fun in Solana on smaller NFTs and mints back then.”
Trading volume
According to CryptoSlam data, DeGods have garnered over $135 million worth of trading volume.
The NFT project’s total USD trading value beat projects like Solana Monkey Business and Degenerate Ape Academy, both of which were popular SOL had more value.
As a result, DeGods tops all SOL projects with 3.7 million SOL worth of trading.
The switch
In late December, DeLabs announced that the DeGods NFT project will be bridged to Ethereum’s mainnet.
Meanwhile, y00ts will head over to Polygon, an Ethereum sidechain.
DeLabs plans to complete the switches by the end of the current quarter.
In addition, they disclosed that they received a $3 million grant from Polygon Labs, allowing y00ts to switch over to Polygon.
DeLabs will put the funds into hiring efforts and later launch a crypto incubator as a means to support the NFT ecosystem.
References:
A Bored Ape whale just spent nearly $1 million on DeGods NFTs
Polygon paid y00ts NFT collection $3 million to leave Solana
