Fidenza NFT Project By Tyler Hobbs Gets $1 Million Boost In Less Than 48 Hours

Over the past few days, interest in Tyler Hobbs’ Fidenza NFT, a generative Ethereum non-fungible token (NFT), has exploded. One wallet recently purchased eight Fidenzas for around $1 million.

On Wednesday morning, Fidenza Bot, an automatic Twitter bot that checks OpenSea for Fidenza NFT sales, detected a string of consecutive purchases. Notably, three transactions totaling 280.50 ETH (or roughly $356,294) with an average price of 93.50 ETH (or roughly $118,765) occurred in a span of 12 minutes.

The same wallet, 808450, bought all of the NFTs for a price that was significantly more than their previous sales. For instance, on June 11, 2021, Fidenza #459 was last sold for 0.29 ETH, or roughly $687. The final sale of Fidenza #726 occurred on June 14, 2021, for 1.2 wrapped ether (WETH) (about $3,098), and the latest sale of Fidenza #18 occurred on July 15, 2021, for 8.5 ETH (roughly $16,294).

The transactions helped increase the project’s floor price to 94 ETH (about $116,154) and its market cap to 90,609.30 ETH (around $121 million). On Thursday morning, three further NFTs were bought by the same wallet within 17 minutes, each selling for at least 98 ETH (about $125,244).

Fidenza NFT #136 was transferred to wallet 808450

On Friday afternoon, Fidenza NFT #136 was transferred to wallet 808450, leaving the wealthy investor with eight Fidenza NFTs worth 689.95 ETH (or around $910,271) left.

Separately, on Thursday, wallet 0x9B67e purchased Fidenza #4 for 94 ETH ($124,268), resulting in a total of 781.25 ETH (or around $1.03 million) being pumped into the project during the preceding 48 hours.

Then why did interest in the algorithm-based art project suddenly spike? Although it’s uncertain, Twitter user Jollytime.eth conjectured in a series of tweets that the NFTS might have been bought by a company connected to Leslie Alexander, a renowned bond trader and the previous owner of the Houston Rockets.

The project’s overall volume is 51.5K ETH at the time of writing, or roughly $68.2 million. Notably, according to Crypto Slam, Art blocks, the Ethereum-based NFT creation platform that powers Fidenza, has surpassed other well-known NFT collections like Doodles and CryptoPunks in terms of sales volume.

The most expensive Art Blocks sale to date, Fidenza #13 sold for 1,000 ETH, or roughly $3.3 million, in August 2021.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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