Largest NFT Dump Ever; NFT Market To Crash?

NFT News: Considering that the Blur marketplace will soon receive a second airdrop. Andrew Thurman of Nansen hypothesized that this significant NFT dump could be an attempt to obtain additional BLUR token rewards while also making some money.

Nansen data show that Jeffrey Hwang, also known as Machi Big Brother, is a non-fungible token (NFT) whale. In just 48 hours, he sold 1,010 NFTs for 11,680 ETH, or $18.6 million.

The largest NFT dump ever

In a Feb. 25 Twitter thread, Nansen’s Simian Psychometric Enhancement Technician Andrew Thurman emphasized the previous two days’ trading activity, claiming it was “likely the largest NFT dump ever.” Making it one of the biggest NFT News.

The main selling event featured, among others, 90 NFTs from the Bored Ape Yacht Club (BAYC), 191 NFTs from the Mutant Ape Yacht Club (MAYC), and 308 NFTs from Otherdeed.

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

Thurman speculated that Machi Big Brother (Machi) may have been trying to book some profits while also engaging in “one big wash trade to generate huge Blur Airdrop profits” when he swiftly purchased back 991 NFTs after the dump.

According to reports, Machi is among the biggest recipients of the BLUR token airdrop from burgeoning NFT Marketplace Blur. However, he recently ousted OpenSea from the top spot in terms of the trading volume.

Machi had received 1.8 million BLUR Tokens

The project began dispersing its first round of airdrops to the community on February 14. The quantity of airdropped tokens varied depending on the user’s level of platform engagement and NFT trading activity on Ethereum.

According to blockchain analytics company Arkham Intel, Machi received 1.8 million BLUR tokens on February 17. Also, he cashed them all out for $1.3 million.

Machi might be looking to increase his NFT trading activity. It is done in order to gain some additional BLUR tokens in the upcoming round. Also, other whales might be thinking the same thing.

BLUR Token Price

Blur’s price at the time of writing is $0.8227. However, with a market capitalization of $ 322 million and a 24-hour trading volume up by 81%. Now it stands at $ 412 million. At the same time, the circulating supply is approximately 391,004,422 BLUR as per the crypto market tracker CoinMarketCap.

Also Read: Blur NFT Marketplace Announces To Remove Third-Party Flags

Sachin is a writer and journalist with over three years of working experience with different major media houses. He is a fintech enthusiast who mainly reports on Web 3, NFT, and Metaverse. When he is not working, you can find him reading thrillers and watching world cinema. Contact him at [email protected]

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