RektGuy Founders Dump 71 BAYC NFTs On Blur, Hints At More Liquidation!
RektGuy Founders Dump 71 BAYC NFTs On Blur, Hints At More Liquidation!
Recently, the founders of NFT collection RektGuy were revealed to have sold up to 71 of their Bored Ape Yacht Club (BAYC) worth millions of dollars. Despite the massive sale, however, rather than bearishness for the BAYC collection, the community has been expressing a bullish stance on what these sales mean for the future of NFTs.
Selling Their BAYC
Yesterday, the two founders of RektGuy, @rektmando and @osf_rekt revealed that they had sold 71 of their BAYC NFTs, worth more than 5500 ETH, or around $9.1 million in total.
The two founders had listed these 71 Apes that they sold on a BLUR bid in one go.
Founder Mando had explained through his Twitter that the reason they were selling their BAYC NFTs were due to the fact that they wanted to make use of the current NFT liquidity to earn some profits from their NFTs, but reassured that they still owned a large number of BAYC NFTs that they have yet to sell.
Related: Yuga Labs’ BAKC NFTs Continue To Pump Despite Logo Controversy!
After a lot of thinking, today we decided to utilise current NFT liquidity and take profits on our Apes + Mutants.
We still own a lot of Yuga assets and continue to be bullish on what they are building.
This team changed our lives. We paid full royalties. We will be back.
— Mando (@rektmando) February 22, 2023
Great News For Liquidity!
Unlike most cases where mass liquidation would cause bearishness and panic, this case of mass liquidation has actually caused the opposite effect in the NFT community.
Many people have pointed out that, unlike most other times when someone dumps a large number of NFTs at once, BAYC’s floor price hadn’t been affected by these mass liquidations at all.
This is partly due to the system that BLUR marketplace had set up which allowed for NFTs to sell easier, allowing for massive liquidations like this to happen quickly, making it easier to sell popular collections.
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 and there'd be an outbreak of twitter spaces on this app titled "BAYC headed to 0?"
Personally a fan of deeper liquidity in NFTs
— Cirrus (@CirrusNFT) February 22, 2023
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