According to data from Nansen, non-fungible token (NFT) whale Jeffrey Hwang — known colloquially as Machi Big Brother — dumped 1,010 tokens for a total of 11,680 Ether (ETH) or $18.6 million in the space of 48 hours .
In a February 25 Twitter thread, Nansen simian psychometric enhancement technician Andrew Thurman highlighted the trading activity over the previous two days and noted that it is “probably the biggest NFT dump ever.”
The biggest sales event included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, and 308 Otherdeed NFTs, to name a few.
In what is probably the biggest NFT dump ever, in the last 48 hours, Machi 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 is not registering much profit for these collections. Why? pic.twitter.com/4NyMF3gzuy
—Andrew T (@Blockanalia) February 24, 2023
Notably, however, Machi Big Brother (Machi) promptly bought back 991 NFTs after the eviction, with Thurman theorizing that it could be a ploy to make some profits while conducting “a huge laundering operation to generate huge profits from Blur’s airdrop” or a “pretty naked market manipulation. ”
Machi is reportedly one of the biggest recipients of the NFT Blur marketplace’s BLUR token airdrop, which recently knocked OpenSea out of being the top-ranked NFT platform in terms of trading volume.
On February 14, the project began distributing its first round of airdrops to the community, with the amount of tokens airdropped depending on the user’s platform engagement level and Ethereum-based NFT trading activity.
On Feb 17, blockchain analytics platform Arkham Intel indicated that Machi had received 1.8 million BLUR tokens and cashed it all out for $1.3 million.
Machi is currently not holding any $BLUR – like others, sold everything.
In total, he received $1.3 million for his 1.8 million Blur tokens, which sold at an average price of $0.707.
It took 38 separate transactions for him to completely sell his $BLUR! pic.twitter.com/nhJpGK1uFf
— Arkham (@ArkhamIntel) February 16, 2023
As such, Machi could be looking to get some new BLUR tokens in the next round, increasing NFT trading activity, while other whales could be looking do the same too.
Related: Blur Founder Pacman Puts the NFT Market War in Perspective
Looking at the bottom prices of the top collections that Machi initially ruled out, BAYC, MAYC and Otherdeed NFTs have seen their prices drop 7.77%, 9.2% and 8.16% over the past 24 hours, according to NFT Price Floor data. .
“One man’s pursuit of an airdrop is destroying some markets,” Thurman noted in a subsequent post.
FWIW, my “partial withdrawal” theory doesn’t seem to be panning out – he hasn’t sent anything to Binance in a while pic.twitter.com/FbqBsRzjHd
—Andrew T (@Blockanalia) February 25, 2023
At the time of writing, BLUR is at $0.79, with the price down 17.7% over the past seven days, according to CoinGecko.
On February 22, the Blur team tweeted that the project will soon release $300 million worth of tokens in its second round, or “second season”.