Yuga Labs co-founder’s wild $1.5 million NFT spending spree starts with rare CryptoPunk

It appears like Yuga Labs co-founder Wylie Aronow has taken it upon himself to try to resuscitate the ailing NFT market.

After taking to X on Monday to tease his intentions of shopping for NFTs that are not a part of the Bored Ape Yacht Membership assortment created by Yuga Labs, Aronow, aka Gordon Goner, has gone on maybe one of many wildest non-fungible token spending sprees because the final bull run. After beginning off with the acquisition of a uncommon CryptoPunk on Monday for 600 ether ($1.14 million), Aronow has spent greater than $1.5 million in complete, based on The Block Analysis information.

Greater than a dozen new tokens purchased, Aronow has unfold the love round, shopping for from well-known collections outdoors the Yuga Labs universe, together with NFTs from Doodles, Meebits, Pudgy Penguins and well-known digital artist Beeple.

“Going to seize some non-BAYC NFTs this week. Do not freak out. I am nonetheless ape papi and I really like you very a lot,” Aronow posted to his greater than 155,000 followers on Monday. “In all seriousness, I had all the time wished to hitch extra communities throughout the web3 house however felt I had a duty to limit myself from doing so whereas nonetheless working at Yuga,” he then posted on Wednesday.

Whereas Aronow co-founded Yuga Labs, simply the highest-profile creator of NFTs, he took a go away of absence earlier this 12 months, citing well being issues.

‘Extra momentum’

“Yuga Labs founder goes on a shopping for spree of in style NFT collections so as to add extra momentum, quantity and merchants to the market, just like what celebrities and massive figures used to do when NFTs had been at their peak to induce FOMO,” stated The Block Analysis Analyst Brad Kay. “It is undoubtedly out of the abnormal. Not on a regular basis somebody buys $1.5 million price of NFTs throughout many collections.”

Aronow’s aggressive shopping for follows the NFTs market’s finest month shortly. In October, NFT volumes rose by greater than 20%, based on The Block Analysis information. However the sector continues to wrestle with a downturn that has compelled each Yuga Labs and {the marketplace} large OpenSea to put off workers.