Machi Big Brother's recent NFT sell-off
According to statistics provided by Nansen, nonfungible token (NFT) whale Jeffrey Hwang, also referred to informally as Machi Big Brother, sold 1,010 tokens in the span of 48 hours for a total of 11,680 ether (ETH), which is equal to $18.6 million.
Andrew Thurman, who works for Nansen and is a simian psychometric enhancement specialist, emphasized the trading activity that took place over the previous two days in a Twitter thread he posted on February 25. He observed that it is "possibly the greatest NFT dump ever."
In addition to many other non-fungible tokens (NFTs), the big selling event included the sale of a total of 308 Otherdeed NFTs, 90 Bored Ape Yacht Club (BAYC) NFTs, and 191 Mutant Ape Yacht Club (MAYC) NFTs.
However, Machi Massive Brother quickly purchased back 991 NFTs, and Thurman theorized that this may be a move to either record some gains while simultaneously undertaking "one big wash deal to produce enormous Blur airdrop profits" or a "quite blatant market manipulation."
Reportedly one of the largest recipients of the Blur (BLUR) token airdrop from upstart NFT marketplace Blur, which recently dethroned OpenSea from its position as the top-ranked NFT platform in trading volume, Machi is said to be one of the largest recipients of the airdrop.
The project began its first round of airdrops to the community on February 14. The quantity of tokens that were airdropped depended on the user's degree of involvement on the platform as well as the amount of Ethereum-based NFT trading activity that they participated in.
The blockchain analytics platform Arkham Intel said on February 17 that Machi had received 1.8 million BLUR and cashed it out for $1.3 million USD.
As a result, Machi may be able to acquire some more BLUR tokens in the next round by increasing the amount of activity in the NFT trading market, while other whales may be trying to do the same thing.
According to the statistics provided by NFT Price Floor, when looking at the floor prices of top collections that Machi first dropped, the prices of BAYC, MAYC, and Otherdeed NFTs have experienced a decline of 7.77%, 9.2%, and 8.16% respectively in the previous 24 hours.
In a recent piece, Thurman made the observation that "One man's drive for an airdrop is ruining certain markets."
According to CoinGecko, the price of BLUR is $0.79 at the time of this writing, reflecting a decrease of 17.7% over the course of the previous week.
The Blur team said in a tweet on February 22 that the project would shortly airdrop $300 million worth of tokens as part of its second round of funding.