Non-fungible tokens (NFTs) have been gaining traction in the digital art world, with the latest example of Whale Jeffrey Hwang — also known as Machi Big Brother — making headlines. According to data from Nansen, Machi has dumped 1,010 tokens for a total of 11,680 Ether (ETH) or $18.6 million in the space of 48 hours. This is likely the largest NFT dump ever.
The major selling event included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs and 308 Otherdeed NFTs to name a few. However, Machi quickly bought back 991 NFTs following the dump, which could be a play to book some profits while also conducting “one big wash trade to generate huge Blur airdrop profits,” or a “pretty naked market manipulation.”
Machi is reportedly one of the biggest receivers of the BLUR token airdrop from upstart NFT marketplace Blur, which recently ousted OpenSea from being the top-ranked NFT platform in terms of trading volume. On Feb. 14, the project started dishing out its first round of airdrops to the community, with the amount of airdropped tokens depending on the user’s level of platform engagement and Ethereum-based NFT trading activity. On Feb. 17, blockchain analytics platform Arkham Intel indicated that Machi had received 1.8 million BLUR tokens, and cashed it all out for $1.3 million.
Machi could be looking to score some fresh BLUR tokens in the next round by ramping up NFT trading activity, while other whales may be looking to do the same also. Looking at the floor prices of top collections that Machi initially dumped, BAYC, MAYC and Otherdeed NFTs have seen their prices drop 7.77%, 9.2% and 8.16% in the past 24 hours, according to data from NFT Price Floor.
At the time of writing, BLUR sits at $0.79 with the price declining by 17.7% over the past seven days, according to CoinGecko. On Feb. 22, the Blur team tweeted that the project will soon airdrop $300 million worth of tokens in its second round, or “season two.”
The non-fungible token (NFT) market is growing at an astounding rate, with Whale Jeffrey Hwang — also known as Machi Big Brother — making headlines recently. According to data from Nansen, Machi has dumped 1,010 tokens for a total of 11,680 Ether (ETH) or $18.6 million in the space of 48 hours, which is likely the largest NFT dump ever. The major selling event included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs and 308 Otherdeed NFTs to name a few.
Machi is reportedly one of the biggest receivers of the BLUR token airdrop from upstart NFT marketplace Blur, which recently ousted OpenSea from being the top-ranked NFT platform in terms of trading volume. On Feb. 14, the project started dishing out its first round of airdrops to the community, with the amount of airdropped tokens depending on the user’s level of platform engagement and Ethereum-based NFT trading activity. On Feb. 17, blockchain analytics platform Arkham Intel indicated that Machi had received 1.8 million BLUR tokens, and cashed it all out for $1.3 million.
It appears that Machi is looking to score some fresh BLUR tokens in the next round by ramping up NFT trading activity, while other whales may be looking to do the same also. However, Machi quickly bought back 991 NFTs following the dump, which could be a play to book some profits while also conducting “one big wash trade to generate huge Blur airdrop profits,” or a “pretty naked market manipulation.”
Looking at the floor prices of top collections that Machi initially dumped, BAYC, MAYC and Otherdeed NFTs have seen their prices drop 7.77%, 9.2% and 8.16% in the past 24 hours, according to data from NFT Price Floor. This could be a result of Machi’s actions, with Andrew Thurman of Nansen noting that “one man’s quest for an airdrop is wrecking some markets.”
At the time of writing, BLUR sits at $0.79 with the price declining by 17.7% over the past seven days, according to CoinGecko. On Feb. 22, the Blur team tweeted that the project will soon airdrop $300 million worth of tokens in its second round, or “season two.” This could be the perfect opportunity for Machi and other whales to score some fresh BLUR tokens.
Overall, the NFT market is growing at an astounding rate, with whales like Machi Big Brother making headlines. Machi’s recent dump of 1,010 tokens for 11,680 Ether (ETH) or $18.6 million is likely the largest NFT dump ever and has had a visible effect on the prices of the top collections. While Machi may have bought back 991 NFTs, the action could be a play to book some profits while also conducting “one big wash trade to generate huge Blur airdrop profits,” or a “pretty naked market manipulation.”
At the same time, the Blur team recently announced that they will soon be airdropping $300 million worth of tokens in its second round, or “season two.” This could be the perfect opportunity for Machi and other whales to score some fresh BLUR tokens, and the NFT market will continue to be an interesting space to watch.
