Kevin Rose, co-founder of the NFT project PROOF, made headlines after liquidating over $1.2 million worth of NFTs. Despite this significant sale, Rose clarified that he remains committed to the Web3 space and is continuing his NFT collection.
In a statement posted on X, Rose addressed rumors about his departure from the Web3 space, stating, “I’ve been pruning my NFT collection lately. Primarily because I believe mass adoption is still further out, and classic cryptocurrency will outperform. That said, I’m still collecting.”
On March 9, Rose liquidated several high-value NFTs, including a piece from the Fidenza series by Tyler Hobbs for 142 ETH and a one-of-a-kind artwork by artist XCOPY for 151.2 ETH. Additionally, Rose burned two ENS domains and revoked the record for his main domains, citing privacy concerns as the reason for these actions.
“I’m, as always, diversifying versus praying a single collection or bag works out. Also, I am right-sizing my collection exposure only to what I’m willing to lose in the short term,” explained Rose on X, shedding light on his strategy.
Rose’s collecting philosophy, as highlighted in a July 2023 interview with Fast Company, emphasizes a long-term perspective. “When I’m buying a Tyler Hobbs, I’m buying it to hold for decades because it’s a beautiful piece of art. Not because it’s some type of currency,” Rose reportedly stated.
PROOF, the company co-founded by Rose, was recently acquired by Yuga Labs, which took over the Moonbirds brand, a notable NFT project in the public domain. While the terms of the acquisition were not disclosed publicly, it marked a significant development in the NFT ecosystem.