When it comes to NFTs, there are certain celebrities that are known to be heavily involved in the industry. These include the likes of Snoop Dogg, Madonna, and, of course, Steve Aoki. Ever the multitasker, the popular DJ has bought into and collaborated with several NFT collections over the years, earning himself the reputation as one of the space’s biggest celebrity ambassadors.
Now, it appears that Aoki is offloading his digital asset stash. This comes as, over the last few weeks, he has listed dozens of his previously-held NFTs for sale on OpenSea.
Is Aoki Dumping NFTs?
A quick look at his OpenSea profile will show you that his NFT collection is very extensive. From Toy Boogers to Sad Girls Club to Goblintwon, he has certainly collected some choice NFTs over the years.
Now, he is selling off many of these, though the reason is not known. He hasn’t made any public statement about why he is offloading his collection and this has allowed for some rumours to spread in NFT circles. One of these rumours is that Aoki is selling off NFTs that he does not believe will be profitable moving forward.
It is no secret that the industry had a difficult 2022 and even the blue-chip collections saw their price floors affected. But then again, many were quick to point out that while Aoki is selling off assets from smaller collections, His Azukis and Bored Ape NFTs have not been listed for sale.
This can be seen as Aoki playing it safe by holding to the blue-chip tokens or him believing that the collections he is divesting from will not regain their value. Since the crypto winter hit, there has been speculation about which collection will bounce back the fastest and the consensus seems to be that the top tokens will recover first.
At the same time, NFT critics have taken this as a sign of the industry finally declining. After all, if a vocal crypto lover like Steve Aoki is selling off his assets, surely that means that the industry is done? This, however, has been countered by NFT users online who, again, point out that Aoki is not selling off all of his NFTs but a handful of them.
Finally, some users online poked fun at the alleged Aoki NFT ‘curse’. This is an NFT urban legend that claims that any NFT project that Aoki gets involves with ultimately sees a decline. Some users, in light of his selloffs, are speculating that these collections are ‘freed’ from the curse.
Why the Selloffs?
Late 2022 and early 2023 have had the topic of selling off NFTs come up quite a bit. Whether this is people choosing not to wait out the crypto winter or for some other reason, there has been talk about NFT selloffs and even a new business helping former NFTs get tax breaks for their assets.
As the year progresses, it will be interesting to see if this narrative remains.