Yuga Labs Co-Founder Spends $1.5 Million of His Own Money on Blue-Chip NFTs

In a prolonged downturn in the NFT market, Wylie Aronow, co-founder of Yuga Labs, recently made a bold move by spending $1.5 million to purchase top-tier NFTs such as CryptoPunks, Meebits, Doodles, and Pudgy Penguins to boost trading volumes.

Despite the gloomy market, some dedicated NFT enthusiasts continue to invest heavily in their favorite NFTs. One of them is Wylie Aronow, also known by his X account name, Gordon Goner.

As a co-founder of one of the leading NFT companies and owner of many blue-chip collections like Bored Ape Yacht Club (BAYC), Aronow recently shared that while he was originally only supposed to hold BAYC, he is actually passionate about other collections as well.

He wanted to "gather" many prominent digital artworks to satisfy his passion and hoped the community could share that feeling.

"This week I will be buying some NFTs that are not BAYC. Don’t worry. I am still a true Ape and I love the BAYC community," Aronow said.

"Seriously, I’ve always wanted to engage with more Web3 and NFT communities, but I feel responsible for limiting that while still working at Yuga."

True to his word, Aronow has spent over $1.5 million buying numerous NFTs from blue-chip collections, including CryptoPunks, Meebits, Doodles, and Pudgy Penguins. Most of these are rare NFTs worth tens of ETH.

Analysts suggest that this action is not just about expressing love for NFTs but also about stimulating the declining market.

The Block Research stated:

“Yuga Labs' founder buying such a large number of NFTs is intended to add momentum, trading volume, and liquidity to the market. It’s similar to how celebrities and influencers 'shill' NFTs to create FOMO within the community. It’s rare to see someone spend $1.5 million on NFTs like this.”

In reality, if Aronow's intention is to revive the market, it’s understandable. Despite a 32% increase in NFT volume in October, the sector is still experiencing significant weakness.

Many Web3 companies continue to cut jobs, such as OpenSea laying off 50% of its staff and Yuga Labs reducing its workforce. There are also stories of investors selling NFTs at a loss, such as selling 624 ETH worth of BAYC NFTs after nearly a year of holding.

Therefore, as an influential figure in the industry, Aronow is contributing to the effort to rejuvenate the market.