The term is widely used to describe an individual or organization that’s holding a large amount of crypto/NFT assets.
The Long Explanation
The term refers to an individual or organization that holds a large amount of a particular NFT or crypto asset. It can also refer to a person who holds enough NFT or crypto tokens, causing a significant impact on the market, buying or selling large amounts.
A 2021 research conducted by Moonstream – a blockchain analytics platform – revealed that more than 80% of the NFTs in the ethereum NFT market is controlled by the top 16% of NFT owners. Many of these owners were found to be marketplaces and clearinghouses like NiftyGateway and OpenSea. This makes evident the huge inequality in the Ethereum NFT market, and the impact whales have.