NFT whale Machi Big Brother sold and bought back 1,010 non-fungible tokens, causing market fluctuations and potential BLUR airdrop profits.
A record-breaking NFT dump of 1,010 tokens in just 48 hours has been completed by Machi Big Brother, a well-known NFT whale. The sale amounted to 11,680 ETH, equivalent to approximately $18.6 million. It is the largest-ever NFT dump, according to Andrew Thurman, a psychometric enhancement technician at Nansen.
The Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Otherdeed NFT collections were among the top collections that Machi initially dumped. Macho reportedly sold 90 BAYC NFTs, 191 MAYC NFTs, and 308 Otherdeed NFTs. However, Machi Big Brother promptly bought back 991 NFTs. Thurman suggested that it 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.”
Some think that the NFT dump was a strategic move to take advantage of the upcoming Blur marketplace’s airdrop. Machi is reportedly one of the biggest receivers of the Blur (BLUR) token airdrop from upstart NFT marketplace Blur, which recently surpassed OpenSea as the top-ranked NFT platform in trading volume. The project started distributing its first round of airdrops to the community on February 14, with the number of airdropped tokens based on the user’s level of platform engagement and Ethereum-based NFT trading activity.
On February 17, blockchain analytics platform Arkham Intel reported that Machi had received 1.8 million BLUR. He presumably cashed out $1.3 million. As a result, Machi could benefit from the next round of BLUR tokens by increasing NFT trading activity. On the other hand, other whales may be looking to do the same.
However, this NFT dump may have caused some markets to suffer. The floor prices of top collections that Machi initially dumped, such as BAYC, MAYC, and Otherdeed NFTs, saw their prices decline by 7.77%, 9.2%, and 8.16% respectively in the last 24 hours, according to data from NFT Price Floor. Thurman highlighted this market disturbance in a later post. He stated that “one man’s quest for an airdrop is wrecking some markets.”
The price of BLUR declined by 17.7% in the past seven days, according to CoinGecko. The current price is around $0.79. The Blur team announced recently announced that the project would soon airdrop $300 million in tokens in its second round.
Machi recently responded on his Twitter by stating that he wanted to “decentralize OSF and Mando’s apes.”
It remains unclear whether Machi’s actions were motivated solely by a desire to benefit from the upcoming BLUR airdrop or whether market manipulation was involved. However, the NFT market continues to experience a significant amount of volatility. Some even went on to ask for more regulation to stop market manipulators.