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Kevin Rose's $75M NFT Rise and Shocking Disappearance

Uncover the dramatic rise and fall of Kevin Rose in the NFT world. Learn how he turned $75M success into a cautionary tale of controversy and unexpected retreat. This gripping story reveals the unpredictable nature of the NFT market.

2 min 5 secJuly 3, 2024July 3, 2024
Kevin Rose's $75M NFT Rise and Shocking Disappearance

Okay, let me tell you about Kevin Rose, a tech entrepreneur who has this unique ability to identify trends way ahead of others; he first came across NFTs in 2017 and decided to mint 10 CryptoPunks which at that time he did not know would one day become valuable. In particular, with the rapid development of the NFT market at the beginning of 2020, Kevin decided to create a podcast, PROOF, which soon gained considerable popularity. Subsequently, in December 2021, he released a membership NFT and sold 1,000 tokens for a total of 1,000 ETH. This was only the start of it. 

 

 

In April 2022, Rose released the limited series, the Moonbirds, which were pixelated owl NFTs that are 10,000 in number and each of them costs $2.5 ETH. Despite the initial skepticism, the entire collection sold out in a blitz with an estimated of around $66 million. The floor price of Moonbirds rose from 2.5 ETH to over 30 ETH within a week due to the PROOF community.

 

 

But with the fast growth, many issues and failures also started to emerge. Their COO left just two weeks after its initial launch, and the Oddities airdrop was delayed and subsequently stripped of its floor price when it was revealed the art was not so good. The community’s trust was reduced further when Rose stated that Moonbirds would adopt the CC0 model that practically deprived them of the distinctive IP rights in the NFT space.

 

In August 2022, based on Rose’s erratic decisions and constant devaluation, the community lost confidence in the project. The perceived value was lowering, even with staking incentives attempts to make the project stable again. Finally, the daily NFT-related stress got the best of Rose, who stopped participating in the community, resorted to ketamine, and sold over one million dollars worth of his NFTs. Yuga Labs bought PROOF in February 2023 and Rose disappeared from the public limelight, he has even erased his existence on Twitter. 

 

 

It can therefore be seen that Kevin Rose, who was an early adopter of NFTs has since become a figure shrouded in mystery in the context of Web3. That is an interesting perspective; what could have made him change so drastically from the domain he seemed to own?

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