Whale sells 1,010 NFTs: largest NFT dump ever

According to data from Nansen, non-fungible token (NFT) whale Jeffrey Hwang – popularly known as Machi Big Brother – responsible for the largest NFT dump ever. In total, he sold 1,010 NFTs for 11,680 ETH in the space of 48 hours. At the current ethereum price, that has a value of $18,688,000.

Mega NFT Dump

Nansen’s Andrew Thurman made this known through a thread on Twitter. The sale included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs and 308 Otherdeed NFTs.

However, Machi Big Brother also bought back 991 NFTs with Thurman outlining some possibilities why he is doing this. It could be that he hopes to earn more BLUR tokens in a so-called airdrop.

Blur is an NFT marketplace that launched in October 2022. It has since overtaken OpenSea in terms of trading volume. You could recently read in the NFT news that OpenSea has taken on Blur by temporarily waiving its marketplace fees. Blur has not charged any transaction costs since its launch.

On February 14, Blur began its first round of airdrops to the community. The size of the airdrop depended on the users’ engagement on the platform and Ethereum-based NFT trading activity.

On February 17, blockchain analytics platform Arkham Intel indicated that Machi received 1.8 million BLUR which he managed to sell for a total of $1.3 million.

On February 22, the team behind Blur sent a tweet into the world announcing that it will soon airdrop $300 million worth of BLUR tokens in a second round.

Popular NFT collections decrease in value

Data from NFT Price Floor shows that the floor prices have plummeted from the most popular NFT collections brought to the market by the NFT whale. The bottom prices of BAYC, MAYC and Otherdeed NFTs are down 7.77%, 9.2% and 8.16% respectively in the past 24 hours.

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