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1,010 NFTs sold for this amount – is it the largest dump ever?

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1,010 NFTs sold for this amount - is this the largest dump ever?

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  • NFTs worth $18.6 million Ether were sold in 48 hours.
  • BLUR dropped 1.8 billion BLUR in its first round.

As per Nansen’s data, Non-fungible Token [NFT] whale Jeffrey Hwang aka Machi Big Brother sold 1,010 tokens for 11,680 Ether [ETH] ($18.6 million) within 48 hours.

Andrew Thurman, Nansen’s simian psychometric enhancement technician, highlighted the trading activity over the previous two days in a Twitter thread yesterday. He noted that it’s likely the largest NFT dump ever. To name a few, the major selling event included 90 Bored Ape Yacht Club [BAYC] NFTs, 191 Mutant Ape Yacht Club [MAYC] NFTs, and 308 Otherdeed NFTs.

Machi Big Brother, however, quickly bought back 991 NFTs, prompting Thurman to speculate that it could be a play to either book some profits while also conducting one big wash trade to generate huge Blur AirDrop profits, or a pretty obvious market manipulation.

Machi is said to be one of the biggest recipients of the Blur [BLUR] token AirDrop from the NFT marketplace Blur, which recently surpassed OpenSea as the top-ranked NFT platform in terms of trading volume, according to Dune.

On 14 February, the project began distributing its first round of airdrops to the community, with the number of tokens distributed based on the user’s level of platform engagement and Ethereum-based NFT trading activity.

Blur’s Value drops

On 17 February, 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 could earn some new BLUR tokens in the next round by increasing NFT trading activity, while other whales may do the same.

As per the data collected from NFT Price Floor, the floor prices of top collections that Machi initially dumped have dropped 7.77%, 9.2%, and 8.16% in the last 24 hours, respectively.

In a subsequent post, Thurman noted:

“One man’s quest for an airdrop is wrecking some markets.”

The price of BLUR was $0.84 at the time of writing. This price showed a drop of 40% in the last seven days.

Moreover, the Blur team announced this week that the project will soon AirDrop $300 million in tokens in its second round.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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