Kevin Rose, one of the co-founders of PROOF, an NFT project, recently sold off NFTs valued at over $1.2 million. Despite this, he clarified that he is not completely stepping away from the Web3 space.

In a Twitter post, Rose mentioned that he has been reducing his NFT collection lately because he believes widespread adoption of NFTs is still some way off. He thinks traditional cryptocurrencies will perform better. 

On March 9, Rose sold several high-value NFTs, such as a piece from the Fidenza series by Tyler Hobbs for 142 ETH and a unique work by artist XCOPY for 151.2 ETH.

Additionally, he decided to eliminate two ENS domains and remove the record for his main domains, citing privacy concerns as his reason.

Rose stated that he is focused on diversifying his holdings rather than banking on a single collection or investment. He also mentioned that he is adjusting the size of his NFT collection exposure to a level where he is comfortable with potential short-term losses.

In a July 2023 interview with Fast Company, Rose explained his approach to collecting. He emphasized that when he purchases a Tyler Hobbs artwork, it’s not solely as an investment but rather as a timeless piece of art meant to be cherished for years to come.

Last month, Yuga Labs acquired Rose’s company PROOF, which included taking over the Moonbirds brand, a notable NFT project. However, the specific financial details of the acquisition were not disclosed to the public.

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