Rose Trims NFT Portfolio, But Doubles Down on Web3 Future

Kevin Rose, a prominent figure in the Web3 space and co-founder of the NFT project PROOF, has sent ripples through the NFT community by offloading over $1.2 million worth of NFTs. However, those worried about Rose abandoning ship entirely can rest easy – the man himself assures everyone this is a strategic move, not a farewell.

In a recent post on platform X, Rose shed light on his decision: “I’ve been pruning my NFT collection lately. Primarily because I believe mass adoption is still further out, and classic cryptocurrency will outperform in the near term.” He reassured his followers with a clear statement: “That said, I’m still collecting.”

Rose’s recent sales included several high-value pieces by esteemed artists like Tyler Hobbs and XCOPY. Interestingly, he also took steps to bolster his online privacy by burning two ENS domains and revoking records for his main domains. 

“I’m, as always, diversifying versus praying a single collection or bag works out,” Rose further explained. “Also, I am right-sizing my collection exposure only to what I’m willing to lose in the short term.” This approach aligns with Rose’s previously expressed collecting philosophy. In a July 2023 interview with Fast Company, he emphasized, “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.”

It’s crucial to consider the context surrounding Rose’s portfolio adjustments. Last month, PROOF, the company he co-founded, was acquired by Yuga Labs, the powerhouse behind the wildly popular Bored Ape Yacht Club. This acquisition also included Yuga Labs taking ownership of the Moonbirds brand, another highly successful NFT project. While the financial details of the deal remain undisclosed, it’s a significant development in the NFT landscape.

While Rose’s NFT selling spree initially sparked speculation about his commitment to Web3, his statements provide a clearer picture. He appears to be making strategic adjustments to his portfolio while maintaining his belief in the long-term potential of both cryptocurrency and the broader Web3 movement. This could indicate a shift in focus for Rose, potentially moving towards a more diversified approach within the crypto ecosystem, with a continued interest in the artistic and cultural value of NFTs.

The coming months will likely shed more light on Rose’s future endeavours. One thing remains certain: his actions have sparked a conversation about portfolio management, market outlook, and the evolving relationship between NFTs and cryptocurrency within the Web3 space.