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3 Valuable Insights Into The Mindset Of NFT Whales

coinnewsdaily by coinnewsdaily
February 23, 2022
in Business, NFT
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3 valuable insights into the mindset of nft whales
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The non-financial technology (NFT) business is expected to grow at a rapid pace into 2021. It is likely that this pattern will continue throughout 2022, prompting a closer examination of how whales and other large traders approach the market. The DappRadar team recently published a research in which they examined the wallets and trading behavior of three cryptocurrency miners: Wilcox, Dingaling, and Pranksky.

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NFTs are off to a good start in the year 2022.

Despite the fact that the cryptocurrency sector has been relatively gloomy in the first seven weeks of 2022, NFTs continue to be quite popular with whales and other traders. When crypto assets such as Bitcoin and Ethereum have gotten more volatile in recent months, it appears that some consumers are looking to NFTs as a store of value. When you take a look at the overall trade volume for non-fungible tokens, this becomes even more apparent.

In fact, according to DappRadar, when the LooksRare marketplace is included, the total volume has topped $22 billion in value. That is a significant sum, though there are some reservations about the possibility of wash trading on LooksRare in the future. As a result, the entire volume of $6.7 billion, excluding this marketplace, continues to be excellent. It also calls for a more in-depth examination into NFT whales and how they plan to handle this lucrative market area in 2022, as well.

An NFT whale, like bitcoin whales, will employ a specific trading strategy in order to maximize its profits. Pranksy, Dingaling, and Wilcox are the three NFT whales under consideration in DappRadar’s study. Pranksy owns more than 32,000 NFTs, which are worth more than $120 million. In addition to over 3,600 NFTs and over 100 BAYC assets, Dingaling owns assets worth more than $53 million.

Wilcox, on the other hand, concentrated his investments in CryptoPunks and Meebit, acquiring almost 1,200 NFTs worth at $66.7 million. Wilcox, on the other hand, is less interested in flipping when compared to Pranksy, suggesting that the two have a totally different approach to making money from NFTs.

Virtual worlds are really popular right now.

Because of the ramifications of Web3, the NFT business has received a great deal of interest. Furthermore, the acquisition of virtual land in virtual worlds such as The Sandbox, Decentraland, Somnium Space, and other virtual worlds is increasing at an alarming rate. Pranksy has been flipping virtual land plots in the Sandbox for the past half-year, and the other two NFT whales have also dabbled in virtual land plots. That user also owns plots in NFT Worlds, apartments in WorldWide Webb, and NFTs in Decentraland, among other things.

Dingaling takes a unique approach to virtual worlds, investing in avatars and associated projects instead of simply creating them. The user owns more than 150 Voxies, 150 VoxoDeus, and 17 RTFKT’s Clone-X, to name a few things. In addition, Dingaling owns a big Sandbox and Decentraland plot, among other non-financial-transactions (NFTs). A portion of the RTFKT studio, which specialized in design and fashion, was purchased by NIKE, Inc. in late 2021 for an undisclosed sum.

Finally, Wilcox has expressed an interest in metaverse avatars from a variety of projects, which is noteworthy. Sandbox voxels, CryptoVoxel land, Meta Key NFTs, and CyberKongz VX are among the company’s holdings. The later NFT collection has generated over 30,400 ETH in trade volume on OpenSea alone, demonstrating the widespread interest in owning a randomly generated 3D NFT social avatar in the cryptocurrency market.

Even whales have fake NFTs in their possession.

It is possible for users to be mislead by phony NFTs in their quest to scoop up NFTs with high profit potential. That notion applies to our three whales as well, despite the fact that one would expect them to be able to dodge such snares easily. Pranksy, for example, has 4,700 fake Adidas NFTs associated with their wallet address, despite the fact that the user never minted any of the fake sneakers. Dingaling and Wilcox are also in possession of counterfeit Adidas NFTs, however this is not their fault.

For the foreseeable future, it is reasonable to anticipate that fake and counterfeit NFTs will be related with whales in some way. This is due to the fact that scam projects will automatically seek association with these wallet addresses in order to achieve validity and fool other users into minting these non-fungible tokens in order to earn legitimacy. It is not difficult to figure out the address of an NFT whale, as anyone can send tokens, currencies, or NFTs to any other address on the network, regardless of their affiliation.

Larva Labs and the Launch of a New Project

In the non-fungible token business, the company Larva Labs, which is responsible for the creation of CryptoPunks, Meebits, and Autoglyphs, is by far one of the most prominent companies. Furthermore, their collections are of tremendous interest to whales, despite the fact that our three whales approach them in completely different ways. Nonetheless, it is encouraging to see a variety of tactics put into action, as there are other other collections that are worth examining.

Wilcox is a CryptoPunk and Meebits whale with 246 and 281 units, respectively. Dingaling is a CryptoPunk and Meebits whale with 246 and 281 units, respectively. By having three CryptoPunks and twenty Meebits, you can take a neutral approach. The overwhelming interest in the Bored Ape Yacht Club appears to indicate a more positive attitude about Yuga Labs Pranksy: No CryptoPunks and sold 96 Meebits in August 2021, leaving one Meebit in their wallet, according to the data.

When it comes to supporting new and emerging ventures, whales are known to diversify their portfolios to the greatest extent that they are capable. In order for the NFT business to thrive and expand, it is critical to provide support for new projects. Killer GFs, CryptoBatz, Mfers, and Party Degenerates are some of the new projects that have caught the interest of the whales.

Lastly, some final thoughts

DappRadar’s investigation into these issues has yielded important insights about the behavior of NFT whales. The exhibition also demonstrates their various approaches to different projects, whether they are well-established or brand-new. It is critical for NFT whales to diversify their holdings, just as it is for bitcoin whales. Despite the differences in their approaches, there are some fascinating parallels to be observed between the two.

Growing exposure to the metaverse demonstrates that it is the major industry to concentrate on in the future. Furthermore, exposure to land plots continues to be a popular alternative to consider. Keeping an eye on fresh projects is also important, even if all three whales appear to invest in the same projects – for the most part – continues to be critical.

Disclaimer: The material contained in this article is provided solely for informational reasons. It is not meant to be used as legal, tax, investment, financial, or other advice, and it is not supplied as such.

 

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