With the Blur market on the verge of a second airdrop, Nansen’s Andrew Thurman speculates that this major NFT dump may be for additional BLUR token rewards, while also taking some profits.
Non-Fungible Token (NFT) whale Jeffrey Hwang popularly known as Machi Big Brother dumped 1,010 tokens for 11,680 ETH, according to Nansen, $18.6 million in 48 hours.
In a Feb. 25 Twitter post, Nansen’s Ape Psychometric Augmentation Technician Andrew Thurman highlighted the previous two days’ trading activity, noting that it was “probably the largest NFT sell-off ever.”
The main sale includes 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, and 308 Otherdeed NFTs, just to name a few. Machi Big Brother, however, immediately repurchased 991 NFTs, which Thurman suggested could be a way to either book some profits, "a big wash trade to generate a huge Blur airdrop profit" or "pretty blatant market manipulation." "game. "
Machi was reportedly one of the top recipients of the Blur (BLUR) token airdrop from upstart NFT marketplace Blur, which recently overtook OpenSea as the number one NFT platform by trading volume. On February 14, the project began to issue the first round of airdrops to the community. The number of airdropped tokens depends on the user's platform participation and Ethereum-based NFT trading activities.
On Feb. 17, blockchain analytics platform Arkham Intel said Machi had received 1.8 million BLURs, cashing out for $1.3 million. So Machi could get some new BLUR tokens in the next round by increasing NFT trading activity, and other whales may be looking to do the same.
Looking at the reserve prices of top collectibles that Machi initially dumped, the prices of BAYC, MAYC and Otherdeed NFTs have fallen by 7.77%, 9.2% and 8.16%, respectively, in the past 24 hours, according to NFT Price Floor.
"One man's quest for airdrops is disrupting some markets," Thurman noted in a subsequent post. At the time of writing, BLUR was trading at $0.79, down 17.7% over the past seven days, according to data from CoinGecko.
On February 22, the Blur team tweeted that the project will soon airdrop $300 million in tokens in a second round.
