CoinGecko: Top NFT Traders Made Profits of $9.60 Million to $101.63 Million

blockchain.news:

The non-fungible token (NFT) market has been a subject of intense scrutiny and interest, with top NFT traders realizing substantial profits. A recent study by CoinGecko, published on August 4, 2023, sheds light on the investment returns of the top NFT traders on the Ethereum blockchain.

Key Findings

Top Traders' Profits: The leading NFT traders have made profits ranging from 5,221 ETH to 55,291 ETH, equivalent to $9.60 million to $101.63 million at the time of writing.

Dominant Collections: Blue chip NFT collections from Larva Labs, Yuga Labs, and Art Blocks account for over 94.5% of total profits across the top 15 NFT traders. CryptoPunks alone represents an estimated 70.6% of top trader profits.

Top Trader: The pseudonymous SethS leads the pack with 55,291 ETH in profits, worth $101.63 million. The returns were made across 9 addresses consolidated into one NFT whale address.

CryptoPunks Millionaires: 11 of the top 15 NFT traders made millions from CryptoPunks investments, ranging from Franklin's 1,782 ETH ($3.28 million) to SethS' 49,216 ETH ($90.46 million).

Art Blocks and BAYC Investments: Art Blocks investments generated millions for 5 of the top 15 traders, while just 3 of the top 15 made millions from Bored Ape Yacht Club (BAYC) investments.

Analysis and Implications

The data suggests that NFTs have been a lucrative investment for those who have managed to identify collections that would become blue chips or have diversified their NFT investments. However, the report also emphasizes that not everyone is guaranteed to achieve the same success, and investment in NFTs requires skill, timing, and sometimes luck.

CryptoPunks continues to dominate the NFT trader rankings, with 8 of the top traders reaping