Galaxy Eggs, a new NFT collection put together by digital artist Gal Barkan that originally dropped on the 14th of September has sold out. In the last 6 days, the collection went nuts, with 20,438 sales that generated over $35 million at the time of writing. These figures account for the initial minting of the Galaxy Egg NFTs and then the ensuing secondary market sales that have been occurring since the collection sold out.
Already, the secondary markets are full of people trying to flip the Galaxy Eggs they paid 0.085 ETH for around 2x the initial investment. Importantly, there are buyers, which has driven the floor price of the collection up to 1.19 ETH, or around $3,500 at the time of writing. Still, we see that bidders are putting in offers around 0.6 to 0.8 ETH in an attempt to pick up a bargain. Looking at the most expensive last sale we find Galaxy Egg #36 which sold yesterday for 41 ETH, or around $127,000.
Buyers and sellers
As a way to gauge what kind of collection Galaxy Eggs is and who is purchasing them, we use the DappRadar Portfolio Tracker to dive into their wallet. Arguably, if we find a whale wallet holding these NFTs we can attach a certain level of hype, and therefore speculative value to them. A buyer known only as PrincePanther purchased the NFT. Above you see the single asset on the DappRadar NFT page. More importantly, as we enter the wallet of the new owner we see they hold 93 individual NFTs across 9 separate collections. With an estimated value of almost $450,000.
By looking at the collections in this wallet, it’s clear this is an NFT whale. Meebits, CryptoPunks, Creature World NFTs. These are some of the most valuable collections right now. Importantly, the owner of Galaxy Egg #36 also holds 9 more Galaxy Eggs and they make up 7 of the top ten most valuable NFTs in the wallet currently.
Whilst the wallet may be holding some serious NFT value. It’s perhaps more interesting that the one CryptoPunk NFT in the wallet has only two transactions attached to it. CryptoPunk#1982 sits in the wallet, with an estimated value of $342,385. It was minted 4 years ago and then 5 months ago, transferred to this wallet.
This info leads us to believe the person has held this OG NFT for a long time having jumped in back at the start in 2018. Furthermore, it appears the wallet owner has a very keen eye for valuable NFTs on Ethereum. Having aped into Creature World NFTs, and now Galaxy Eggs.
Flipping Galaxy Eggs
Looking inside the wallet of the buyer also reveals some interesting information about what the holders of Galaxy Eggs believe these NFTs may be worth now. Galaxy Egg #5785 was minted for 0.085 ETH and bought a few days later for 1.3 ETH or around $4,000 by this wallet holder. Now, it is up for sale for 888 ETH or over $2.7 million. Clearly, somebody is taking a chance on the market being ultra buoyant amidst the current NFT craze.
Spotting trends
Looking for, and closely following whale activity in the crypto and NFT space appears to be a logical way to approach investment decisions. The ability to poke around inside the wallet of a person that has not only gambled big on NFTs but is also actively buying and selling them can be invaluable. With so much noise in the growing NFT and digital collectibles industry, finding the best collections is very difficult. Knowing which one’s will pop, even more so.
Using the DappRadar Portfolio Tracker you can keep track of all your own assets as well as trade your cryptocurrencies and NFT collectibles. Additionally, as seen above, you can become a blockchain detective. Using the information on DappRadar to better form your own investment decisions and track what whales and influencers are aping into.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, SOL, SHIBA INU, AVASTR, RAY, BOSON, AND OCEAN
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