Crazy shopping spree of $930,000 for NFTs. Are NFTs taking off again?

Extravagant NFT Shopping Frenzy Are NFTs Regaining Popularity with a $930,000 Splurge?

Author: Web3 Frontier

The NFT market has heated up again at the beginning of December.

According to NFTstats.eth data, the ETH NFT trading volume has doubled compared to last week.

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On December 1st, Flamingo DAO, a DAO organization focused on investing in NFTs, purchased 26 NFTs in just over an hour, including Matt Kane, DCA, Zeblocks, and Emily Xie, with a total value of 448 ETH, equivalent to $939,400.

Crazy Shopping, Increasing the Floor Price of multiple NFTs

In the early morning today, Flamingo DAO’s official account posted 8 “broom” emojis, announcing the news of NFT shopping to the community. In the following hour, Flamingo DAO purchased 26 NFTs.

Afterwards, their account tweeted, “We love this space, love all of you. Can’t wait to see the emergence of new art. This is not over, it’s just the beginning.”

Cryptopunk OG @0xRodo compiled a collection of 26 items worth 448 ETH purchased by Flamingo DAO this time, including:

15x Cargo by Kim Asendorf

6x FAKE IT TILL YOU MAKE IT by Maya Man

3x Life In West America by Roope Rainisto

7x Meridian by Matt DesLauriers

3x Genesis by DCA

4x Memories of Qilin by Emily Xie

1x Unigrids by Zeblocks

2x Gazers by Matt Kane

15x Zentrum by Herbert W. Franke

9x Human Unreadable by Operator

2x Elevated Deconstructions by luxpris

5x Genesis by Claire Silver

5x Squares by Martin Grasser

12x Memories of Digital Data by Kazuhiro Tanimoto

13x Skulptuur by Piter LianGuaisma

4x BEEPLE: EVERYDAYS – THE 2020 COLLECTION

2x Grifters by XCOPY

13x Phase by Lauren Bednar

11x Chimera

17x JPEG by Jan Robert Leegte

5x Mazinaw by Eric De Giuli

7x Dnmecut by Robert Jan Leegte

7x ColorsLianGuaice by Tabor Robak

5x Gumbo by Mathias Isaksen

2x Archetype by Kjetil Golid

7x Fragments of an Infinite Field by Monica Rizzolli

Flamingo DAO’s shopping behavior has also caused the floor price of multiple NFTs to increase. According to NFTstats.eth statistics, the JPEG floor price has risen from 1.55 ETH to 3.33 ETH, the Life in West America floor price has risen from 4.9 ETH to 7.4 ETH, the Skulptuur floor price has risen from 0.4 ETH to 1.1 ETH, and the CARGO floor price has risen from 1.9 ETH to 2.7 ETH.

Why is Flamingo DAO on a shopping spree?

Compared to the DeFi market, the NFT community expects to gain deeper returns on a psychological level, not just financial. With the skyrocketing prices of high-quality NFTs, such as CryptoPunks, which now have a minimum price of 56 ETH, many people are deterred. This has led to the emergence of NFT-related DAOs, such as Flamingo DAO and PleasrDAO, who pool their resources to invest in NFTs.

Flamingo DAO primarily expands its funds by researching emerging investment opportunities on the blockchain. With the belief that blockchain collectors are the new wave of investors and curators, Flamingo DAO believes that focusing on the issue of digital property ownership will play a crucial role in creating unique and unknown digital content markets and consumption methods.

Members of Flamingo DAO have the opportunity to contribute their personal NFT assets to the DAO treasury, thereby obtaining credit limits secured by digital assets. In addition, as members of the DAO, investors can enjoy various benefits. For example, members can showcase their NFTs in the DAO digital gallery, store NFTs in the DAO treasury for maximum security, split NFTs, and use them as collateral in other DeFi platforms.

Flamingo DAO’s recent shopping spree has sparked discussions in the community about NFT trading.

“NFT lending and refinancing opportunities may have just emerged,” community user @SignoreGondi believes that this is triggered by Flamingo DAO’s shopping spree on major NFT series.

NFT enthusiast @thomas_g_obrien commented that Flamingo DAO’s shopping spree will allow individual NFT collectors to obtain a fleeting window of time for truly connected digital items and artworks, which will “soon close.” In the comment section, crypto user @ClausWilke mentioned that he had been considering selecting a Skulptuur for less than 0.5 ETH but now their prices are 1.1 ETH.

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