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Crypto Whale Dumps 71 BAYC NFTs On Blur!
Rektguy NFT founder Mando went hunting for liquidity yesterday, selling 71 BAYC NFTs along with other coveted collections. Bids on the Blur marketplace totaled over $9 million (~5545 ETH). Surprisingly, floor prices across the BAYC/MAYC collections remained flat. NFT count go brrrr,,,
Dumping BAYC NFTs: Why?
NFT whale and Rektguy project founder Mando (identified as the “0xC88” wallet) dumped a megaton of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki and Beanz NFTs on Blur yesterday. To be precise – 71 BAYC, 11 MAYC, 7 Azuki and Beanz NFTs were sold on Blur yesterday. As fellow NFT builder @CirrusNFT explains, “If you tried to sell $9M worth of monkeys in one go a couple of months ago, you’d probably miss the floor by 15-20E. There would also be an outbreak of twitter rooms titled ‘BAYC heading for 0?’.The sale is the biggest seen in a long time. This move also left many wondering about the possible reasons behind the sudden sale.
According to reports, there are only 9 MAYC NFTs left in Mando’s wallet address. This may indicate that the whale may want to deplete its NFT supply. On the contrary, Mando confirmed later in the day that he still has many Yuga assets and continues to be positive about the project. He also states that he has paid all associated royalties in full.
Furthermore, Mando explains his decision to take advantage of the current deep NFT liquidity to make some profit selling his BAYC and MAYC holdings. Also, it appears that a large number of the NFTs have been bought by NFT influencers @mahakigbrother. The sale rippled through NFT Twitter, eventually catching the eye of fellow web3 thought leader Beeple. And as usual, Beeple is responding to this massive sale with their trademark ‘Everyday’ artwork – featuring 72 Bored Apes!
In accordance Mando, one should be able to seize the opportunity to obtain liquidity when it is abundant and easily available. This is because they can then utilize it in periods of scarcity. Mando and the Rektguy community are currently at NFT Paris, Europe’s largest NFT event.
