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.
the digital art sold by Machi include 90 Bored Ape Yacht Club (BAYC) NFTs for 5707 ETH, 191 NFTs from the Mutant Ape Yacht (MAYC) collection for 3091 ETH, 112 Azuki for 1644 ETH and 308 Otherdeed for 582 ETH, among hundreds of other NFTs. The sales of these digital artworks netted the NFT whale more than $17.8 million.
Thurman, who is a Simian psychometric enhancement technician at Nansen, revealed that Machi was not able to turn a massive profit from the sale of his NFTs, mainly because the sale was followed by pouring in millions of dollars to buy back hundreds of NFTs, including 57 BAYC and 190 MAYC. The Nansen technician stated that despite selling off a considerable portion of his collection and spending a massive sum to buy it back, the NFT whale had the resources to continue the buying and selling spree.
Users on Twitter have raised concerns about the liquidation of NFTs mortgaged on NFT liquidity protocol BendDAO, due to the fall in NFT prices from Machi’s massive sale. Thurman claimed that the whale’s recent transactions may be a huge wash trade on Blur in a bid to attract extra BLUR token rewards in its upcoming airdrop. As per Blur’s announcement.
As such, 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.