An NFT whale has conducted “the largest NFT dump ever” in 48 hours to gain an edge on an upcoming Blur airdrop. At least that is the speculation of some NFT market data analysts. The whale known as Jeffrey Hwang or informally as Machi Big Brother dumped 1,010 NFTs for 11,680 ETH or $18.6 million in less than two days.
The activity came to the public’s attention thanks to Andrew Thurman, Nansen’s NFT psychometric enhancement technician. In a Twitter thread made on Feb. 25, he highlights what he terms “likely the largest NFT dump ever.”
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
The dumping spree included the sales of 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, 308 Otherdeed NFTs, and 112 Azuki. However, the seller wasn’t making much money on the collections, which caused Thurman to wonder why.
According to the analyst, Machi Big Brother quickly purchased back 991 NFTs. This led Thurman to speculate that it could be a play to either book some profits while also engaging in “one big wash trade to generate huge Blur airdrop profits” or a “pretty naked market manipulation.”
After all, the whale was one of the biggest beneficiaries of the recent Blur token airdrop. According to Arkham Intel, an analytics platform, Machi received 1.8 million BLUR, which he cashed out for $1.3 million.
Blur Will Host Its Next Airdrop Soon
With Blur set to engage in the next phase of its airdrop, Machi looks poised to score big again as he inflates his trading activity. However, he is not alone, as other whales will know the tricks required to game the system.
Consequently, Thurman notes that the whale’s activities might have had an influence on the entire marketplace. “One man’s quest for an airdrop is wrecking some markets.” All the collections that Machi dumped were significantly affected by the sale in the past 24 hours. NFT Price Floor data indicates that BAYC, MAYC, and Otherdeed NFTs had dropped 7.77%. 9.2% and 8.16%, respectively, within the period.
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Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.