Raising the floor price of multiple NFTs, why did Flamingo DAO go crazy to buy?

The NFT market is hot again at the start of December.

According to NFTstats.eth data, ETH NFT trading volume has increased by 2x compared to last week.

On December 1, Flamingo DAO, a DAO organization focused on investing in NFTs, purchased 26 NFTs in just over an hour, including Matt Kane, DCA, Zeblocks, and Emily Xie, among others, with a total value of 448 ETH, or about $939,400.

Crazy sweeping, pulling up the floor price of multiple NFTs

In the early hours of this morning, the official account of Flamingo DAO released 8 “broom” emojis to announce the news of NFT sweeping to the community. In the hour since, the Flamingo DAO has purchased 26 NFTs.

Subsequently, the account tweeted, "We love this space and love all of you. Can’t wait to see what new art comes along. It’s not over yet, it’s just the beginning. 」

Cryptopunk OG @0x Rodo has collated 26 items worth 448 ETH from the Flamingo DAO’s purchase, including:

15x Cargo by Kim Asendorf

6x FAKE IT TILL YOU MAKE IT by Maya Man

3x Life In West America by Roope Rainisto

7x Meridian by Matt DesLauriers

3x Genesis by DCA

4x Memories of Qilin by Emily Xie

1x Unigrids by Zeblocks

2x Gazers by Matt Kane

15x Zentrum by Herbert W. Franke

9x Human Unreadable by Operator

2x Elevated Deconstructions by luxpris 5 x Genesis by Claire Silver

5x Squares by Martin Grasser

12x Memories of Digital Data by Kazuhiro Tanimoto

13x Skulptuur by Piter Pasma

4x BEEPLE: EVERYDAYS - THE 2020 COLLECTION

2x Grifters by XCOPY

13x Phase by Lauren Bednar

11x Chimera

17x JPEG by Jan Robert Leegte

5x Mazinaw by Eric De Giuli

7x Dnmecut by Robert Jan Leegte

7x Colorspace by Tabor Robak

5x Gumbo by Mathias Isaksen

2x Archetype by Kjetil Golid

7x Fragments of an Infinite Field by Monica Rizzolli

The Flamingo DAO’s sweeping behavior has also increased the floor price of several NFTs. According to NFTstats.eth, the JPEG floor price increased from 1.55 ETH to 3.33 ETH, the Life in West America floor price increased from 4.9 ETH to 7.4 ETH, the Skulptuur floor price increased from 0.4 ETH to 1.1 ETH, and the CARGO floor price increased from 1.9 ETH to 2.7 ETH.

Why does Flamingo DAO sweep the sale?

Compared to the DeFi market, communities in NFTs expect deeper rewards on a psychological level, not just financial returns. As the price of high-quality NFTs continues to climb, the lowest price of collectibles such as CryptoPunks has reached as high as 56 ETH, which is prohibitive for most people. This has led to the emergence of DAOs in the NFT space, such as Flamingo DAO and PleasrDAO, which invest in NFTs through DAO members working together to build vaults.

The Flamingo DAO expands DAO funding primarily by researching emerging investment opportunities on-chain. With the firm belief that blockchain collectors are the next generation of investors and curators, Flamingo DAO believes that turning to the issue of digital property ownership will play an important role in creating a unique and unknown market for digital content and how it is consumed.

Members of the Famingo DAO have the opportunity to incorporate their personal NFT assets into the DAO’s treasury, thereby receiving a line of credit secured by digital assets. In addition, investors can enjoy a variety of benefits when they become a DAO member. For example, members can display their NFTs in the DAO digital gallery, store NFTs in the DAO vault for maximum security, split NFTs, or use them as collateral in other DeFi platforms.

Famingo DAO’s sweeping behavior has also caused a discussion in the community about NFT trading.

“NFT lending and refinancing opportunities may have just emerged”, community users @SignoreGondi believe that this was triggered by the Flamingo DAO’s sweeping purchase of major NFT collections.

NFT enthusiasts @thomas_g_obrien commented that Famingo DAO’s sweeping behavior will allow NFT individual collectors to obtain truly connected digital items and artworks in this era “will soon close”. In the comment section, the crypto user @ClausWilke said that he had been following Skulptuurs below 0.5 ETH and said that he had been thinking about whether he should pick one, but now they cost 1.1 ETH.