A renowned whale named Machi Big Brother dumped up to 1,060 nonfungible tokens (NFTs) over a 48-hour selling spree. In general, the latest dump amounted to around $18.6 million, in what is known as the largest dump in NFT history.
The dumping of 1,010 NFTs by the prominent whale might be a sign of the new Blur marketplace rewards scheme.
Furthermore, Machi Big Brother then decided to buy back 991 NFTs in a bizarre twist.
By description, a whale is somebody who owns huge amounts of crypto or NFTs. Such individuals can manipulate the market with their trading activities. Fundamentally, whale activity causes a massive ripple effect, and can result in drastic changes in market prices.
For example, Machi Big Brother sold 90 Bored Ape Yacht Club (BAYC) NFTs, and that made the floor price for BAYC NFTs drop by 12%. Nansen’s content lead Andrew Thurman offered commentary on this unraveling story.
In what might be the biggest NFT dump ever, in the last 48 hours Machi has sold 1,010 NFTs. They include:
- 191 MAYC for 3091 ETH
- 308 Otherdeed for 582 ETH
- 90 BAYC for 5707 ETH
- 112 Azuki for 1644 ETH
However, he is not registering lots of profits for these collections. Why?
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 ETHBut he's not registering much profit for these collections. Why? pic.twitter.com/4NyMF3gzuy
— Andrew T (@Blockanalia) February 24, 2023
On-Chain Volatile Activity
Andrew Thurman thinks that the dumping of very many NFTs reflects “degeneracy”, “naked market manipulation”, and “mental illness”. Additionally, Thurman is under the impression that Machi Big Brother’s actions are connected to his involvement with Blur marketplace.
Blur is an emerging marketplace, and is now usurping the major NFT marketplace, OpenSea, in terms of trading volume and activity. In general, the reason for Blur’s recent success is connected to its reward scheme and free token airdrops.
In essence, Blur is an aggressively rewarding professional trader with free $BLUR tokens in case they meet the requirements set by the marketplace. Moreover, the marketplace is rewarding traders who bid for, and sell, nonfungible tokens in high volume.
One of the largest beneficiaries of the Blur rewards scheme was Machi Big Brother, who recently scooped $1.8M $BLUR as a reward for his activity, and then sold it for $1.3 million.
More To Come
Blur is causing a huge impact on the market, and it is just getting started. Interestingly, with Blur’s next airdrop looming, we now expect more major whale activity as Blur prepares to airdrop 300M $BLUR tokens.
To qualify for the free token airdrops, you have to show lots of activity, and loyalty, to the marketplace in different ways. For instance, you gain a 100% loyalty score for not listing NFTs on other marketplaces like OpenSea.
