1010 NFTs sold for this amount – is it the biggest dump ever?
- NFTs worth $18.6 million Ether were sold in 48 hours.
- BLUR dropped 1.8 billion BLUR in its first round.
According to Nansen’s data, Non-fungible Token [NFT] whale Jeffrey Hwang aka Machi Big Brother sold 1010 tokens for 11680 Ether [ETH] ($18.6 million) within 48 hours.
Andrew Thurman, Nansen’s simian psychometric improvement technician, highlighted the trading activity of the previous two days in a Twitter thread yesterday. He noted that it is probably the biggest NFT dump ever. To name a few, the major selling event included the 90 Bored Ape Yacht Club [BAYC] NFTs, 191 Mutant Ape Yacht Club [MAYC] NFTs and 308 Otherdeed NFTs.
In what is probably the biggest NFT dump ever, in the last 48 hours Machi has sold 1010 NFTs including:
– 90 BAYC for 5707 ETH
– 191 MAYC for 3091 ETH
– 112 Azuki for 1644 ETH
– 308 Otherdeed for 582 ETHBut he does not register much profit for these collections. Why? pic.twitter.com/4NyMF3gzuy
— Andrew T (@Blockanalia) 24 February 2023
However, Machi Big Brother quickly bought back 991 NFTs, prompting Thurman to speculate that it could be a play to either book some profit while also executing a large wash trade to generate huge Blur AirDrop profits, or a fairly obvious market manipulation.
Machi is said to be one of the biggest beneficiaries of Blur [BLUR] token AirDrop from NFT marketplace Blur, which recently surpassed OpenSea as the top-ranked NFT platform in terms of trading volume, according to Dune.
On February 14, the project began distributing its first round of airdrops to the community, with the number of tokens distributed based on users’ level of platform engagement and Ethereum-based NFT trading activity.
Blur’s value decreases
On February 17, blockchain analytics platform Arkham Intel tweeted that Machi received 1.8 million BLUR and cashed it out for $1.3 million. As a result, Machi can earn some new BLUR tokens in the next round by increasing NFT trading activity, while other whales can do the same.
Machibigbrother received 1.8 million $BLUR yesterday. It was over $1 million at the time of the fall, and about $1.8 million now.
How did he play the airdrop?
Let’s check his address: pic.twitter.com/T10GF4HU0j
— Arkham (@ArkhamIntel) 16 February 2023
According to the data collected from NFT Price Floor, the floor prices of the top collections that Machi originally dumped have fallen 7.77%, 9.2% and 8.16% respectively in the last 24 hours.
In a subsequent post, Thurman noted:
“One man’s quest for an airdrop destroys some markets.”
The price of BLUR was $0.84 at the time of writing. This price showed a fall of 40% in the last seven days.
Source: CoinMarketCap
Also, the Blur team announced this week that the project will soon AirDrop $300 million in tokens in its second round.
