Whale, whale, look who’s there. NFT fanatics who are curious about NFT whales. You’re in the right place, friends. I’ll tail you all about these non-fungible whales. But, you already know I come with a lot of whale lingo attached. So, brace yourself, and let’s dive in!
What are NFT whales?
NFT whales are the big investors in the NFT space who hold a huge amount of crypto assets. Basically, these individuals have spent a shit ton of money on multiple collections. But, why do we, the smallest fishes in the pond, care about the big ones?
They have a lot of money, we get it. So what? So plenty. One, they can drown us with their money (personally, I don’t mind swimming in a sea of money). Two, with great money, comes great power. The NFT whales can:
Call the shots
Influence market trends
Cause shifts in token value
Have voting rights to project governance
Current whales in the N(Fin)T waters
According to NFTGo, there are 1,430 whales holding NFTs worth 1.68M ETH ($2.02B per the ETH rate at the time of writing). These NFT whales occupy 17.67% of the global market cap of 9.5M ETH. 17% of the global market is a huge number, this is indicative of how they can hit the market with a ginormous wave if they choose to.
Here’s the list of the current NFT whales.
The top whales in this list have the following collections in their wallets, among others:
NFT Whales activity tracking
I’m not encouraging you to go fish the NFT whales for the fun of it. I mean, if you’re a fisher, you do you. But, NFT whales can help you out more than you think. Because when there’s a whale, there’s a way. What does this mean?
Why track NFT whales?
Whale, picture this with me. The big pockets in this ocean have invested so much already in non-fungible projects and hold high positions. They indeed are in on the market secrets and have a rich history of investments. Now, a new project drops and they dive right in to spend their money.
What does this tell you? It’s most probably a good project to invest in. The whales won’t spend money if they won’t profit. They’re not at the top of the charts for nothing. Keeping that in mind, we want to keep checking what they’re doing so we, too, can generate some ETH. I’m no financial advisor, but I explained why I think so and it does make sense.
Thanks to whale tracking tools, and the transparency the blockchain offers, investors are able to identify wallets that whales own and track them for buy and sell action. Using tracking tools helps with the automation of the tracking process.
Tracking tools scan through a blockchain, and when a transaction gets committed by a whale wallet, spot them in real-time and notify the user. These tools can also help identify transactions that are over a specific size, therefore allowing users to discover the whales within that crypto ecosystem.
Here are three tools that help you track NFT whales:
NFT whales are not only investors with big bellies, but also one of the best indications of possibly high-profiting investments. Therefore, always be on the lookout for what these giants are doing. And if you smell something fishy, dive right into your research. One last tip for you before we swim in opposite ways, here’s how to choose the right NFT to invest in. You’re whale-come!