The Solana NFT market is dominated by DeGods, which has more SOL trade volume than any other project. It now wants to move to Ethereum, and the plan seems to have caught the eye of at least one big investor in the area.
On Monday, an NFT trader who goes by the name “Pokeee” spent about $1 million to sweep 69 DeGods NFTs. Pokeee purchased through the Magic Eden marketplace, using a tool that lets buyers “sweep the floor” or buy a certain number of NFTs from a project. Traders will sometimes buy a lot of the lowest-priced NFTs in a project instead of picking out more expensive assets individually as a bet on the project’s future success.
Pokeee had said before that he would do this if his tweet from January 13 got 1,000 likes. When he said he would buy 69 NFTs “in support of” the project’s upcoming move to Ethereum, the tweet got more than 3,000 likes. About $900,000 was bought three days after the deal was made.
Pokeee and his Bored Apes
Before, Magic Eden’s option for buying in bulk only let you buy up to 50 NFTs at a time. But on Sunday night, in response to a request from a potential buyer who said that the planned change would be “very inconvenient,” the marketplace changed the way it worked and let the larger bulk purchase go through.
Pokeee says on Twitter that he owns the Pokeee.eth Ethereum wallet, which has three valuable Bored Ape Yacht Club NFTs, the ENS name Pokeee. eth, and more NFT collectibles.
In an interview published today by Magic Eden on its website, Pokeee said that he runs a private crypto fund and that he made this big DeGods bet because the project is about to move to Ethereum.
“My purpose of this investment is actually to have them bridged to ETH,” he said. “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.”
The trading volume of DeGods
According to data from CryptoSlam, DeGods has a trading volume of more than $135 million right now. Solana Monkey Business and Degenerate Ape Academy, which were popular when SOL was much more expensive, have a higher total USD trading value than DeGods, but DeGods leads all projects with 3.7 million SOL worth of trade to date.
The project started in late 2021, but its value and popularity grew a lot in 2022, when the developer, DeLabs, led by Rohun Vora, a.k.a. “Frank,” introduced a reward token, released new artwork, bought the rights to a BIG3 basketball league team, and started a new project called “y00ts.”
Late in December, DeLabs said that DeGods will be linked to Ethereum’s mainnet and that y00ts will be crossed to Polygon, an Ethereum sidechain. The company plans to finish both changes by the end of the current quarter. To move y00ts to the Polygon network, it received a $3 million grant from Polygon Labs.