GMoney: The NFT Ape Whale
Apes and whales don’t typically play together but in the world of GMoney, both are a fitting description. Back in January he made a splash with a high priced acquisition of a Crypto Punk. While it wasn’t his first, it was the first Ape he acquired and it cost a pretty penny, approximately $168,000 at the time.
He detailed the entire purchase in the following Twitter thread which went viral:
1/ Why did I purchase a 24 x 24 pixel image yesterday for 140 ETH?!??! (a record in USD)— gmoney.eth (@gmoneyNFT) January 7, 2021
Arguably, that purchase was a catalyst in the continued run-up in the price of Cryptopunks. The price appeared astronomical in the context of the market. In December, the average punk went for under $1500, often costing just a few hundred dollars. Following his purchase in January, the price continued to surge. By February, the average Cryptopunk was selling for $20,000 and is currently hovering around $40,000.
GMoney’s punk happens to be of a very rare class, the ape, of which there are only 24, which is why he paid so much for it.
For Gmoney, it was not only a splashy purchase, though he has openly stated how he views it as a status symbol. It was also a demonstration of his faith in the continued expansion of the NFT market. But why would he have such conviction?
As he stated during our conversation, it stems back to his involvement in Fortnite during the beginning of the pandemic. He began playing with his friends and their nephews who would ask about which skins he had purchased. This led to GMoney’s aha moment.
“I was realizing that, holy shit […] kids today are buying stuff that has no extra utility. [It’s] the same way that I will buy, like, a t-shirt that is a brand name that has no extra utility.”
Since then, GMoney has an ever expanding NFT portfolio which is all visible on his OpenSea profile.
In this episode we discussed the NFT rabbit hole that he has gone down and got his views on the future of this market.