Largest NFT Sell-Off in History: Whale Dumps 1,010 NFTs in Two Days

Is it possible that a prominent whale dumped 1100 NFTs due to the Blur marketplace rewards program?

Machi Big Brother, a known whale, sold 1,060 non-fungible tokens in 48 hours. The dump amounted to $18.6 million, making it the largest dump in NFT history.

Furthermore, Machi Big Brother repurchased 991 NFTs in an unusual move.

The whale is an individual who owns a large amount of cryptocurrency and can manipulate the market with their trading activity.

As a result, whale activity leads to drastic price changes in the market.

For example, Machi Big Brother sold 90 Bored Ape Yacht Club (BAYC) NFTs, which led to a 12% reduction in BAYC NFTs' floor price.

Andrew Thurman, Nansen's (Crypto and NFT analytics firm) content lead, provided commentary on the unfolding story.

In what may be the largest dump of NFTs ever, Machi has sold 1,010 NFTs in the last 48 hours, including the following:

– 90 BAYC for 5707 ETH

– 191 MAYC for 3091 ETH

– 112 Azuki for 1644 ETH

– 308 Otherdeed for 582 ETH

However, he isn't making much money from these collections. What's the reason?

A large number of NFTs being dumped reflects "naked market manipulation," "degeneracy," and "mental illness," according to Andrew Thurman. According to Thurman, Machi Big Brother's actions are connected to Blur marketplace, which he is involved with.

Regarding volume and activity, Blur is surpassing OpenSea as an emerging marketplace. Blur's recent success results from its free token airdrops and rewards program.

A recent data analysis published by the analyst Hildobby on Dune Analytics Page showed that Blur has organic followers and wash trading numbers are significantly lower than other platforms.  

Blur rewards professional traders with free $BLUR tokens if they meet its requirements. Further, the marketplace rewards traders who sell and bid for NFTs in large volumes.

Users must demonstrate lots of activity and loyalty to the marketplace in various ways to qualify for its free token airdrops. For example, users receive a 100% loyalty score if they do not list NFTs on other marketplaces, such as OpenSea.

The details of the analysis can be found in this article here.

Machi Big Brother has been one of the biggest beneficiaries of the Blur rewards program, who recently received $1.8 million in BLUR tokens as a reward for his activities, and sold it for $1.3 million.

A round of airdrops began on 14 February 2023, with the number of airdropped tokens based on the level of engagement with the platform and the amount of trading activity on Ethereum-based NFT exchanges.

According to blockchain analytics platform Arkham Intel, Machi cashed out $1.3 million for 1.8 million BLUR on 17 February 2023.

Consequently, Machi could earn some new BLUR tokens in the next round if he ramps up NFT trading activity, while other whales may be considering a similar move.

According to data from NFT Price Floor, BAYC, MAYC, and Otherdeed collections that Machi initially dumped, their prices dropped 7.77%, 9.2%, and 8.16% in the past 24 hours, respectively.

In a subsequent post, Thurman said, "One man's quest for an airdrop is wrecking some markets."

There has been a lot of buzz about Blur recently, and it has only just begun to make its mark on the market.

Blur's second round of airdrop of 300M $BLUR tokens was on 22 February 2023.

BLUR's price is $0.79 as of this writing, down 17.7% in the past seven days, as reported by CoinGecko.

Sources: nftnewstoday.com, twitter.com