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

• 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.

In what’s likely the largest NFT dump ever, in the past 48 hours Machi has sold 1,010 NFTs, including:
– 90 BAYC for 5707 ETH
– 191 MAYC for 3091 ETH
– 112 Azuki for 1644 ETH
– 308 Otherdeed for 582 ETH

But he’s not registering much profit for these collections. Why? pic.twitter.com/4NyMF3gzuy

— Andrew T (@Blockanalia) February 24, 2023

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.

Machibigbrother received 1.8M $BLUR yesterday. That was over a $1M at the time of the drop, and around $1.8M now.

How did he play the airdrop?

Let’s check his address out: pic.twitter.com/T10GF4HU0j

— Arkham (@ArkhamIntel) February 16, 2023

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.

Source: CoinMarketCap

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