• A whale, Jeffrey Hwang (also known as Machi Big Brother), sold 1,010 NFTs for a total of 11,680 ETH or $18.6 million over the course of 48 hours.
• Andrew Thurman hypothesised this to be the largest NFT dump ever.
• The sale was followed by the purchase of 991 NFTs shortly after, potentially to book profits from a Blur Token Airdrop and manipulate markets.
Nansen Records Show Massive Whale NFT Dump
Nansen records show that Jeffrey Hwang, a nonfungible token (NFT) whale also known as Machi Big Brother, sold 1,010 tokens for a total of 11,680 ETH or $18.6 million in the course of 48 hours. This was suggested to be “possibly the largest NFT dump ever” by Andrew Thurman from Simian Psychometric Augmentation Technician in an article on Twitter posted Feb 25th.
Various Tokens Sold
The Bored Ape Yacht Club (BAYC), 191 Mutant Ape Yacht Club (MAYC) and 308 Otherdeed were among the participants in the primary selling event. Machi purchased 991 NFTs shortly after the dump which may have been an effort to gain further BLUR token prizes while also making some money through manipulation of markets.
BLUR Token Airdrop
The project started its initial round of neighbourhood airdrops on Feb 14th with varying numbers given out depending on user interaction with site and Ethereum NFT trading activity. According to Arkham Intel blockchain analytics company Machi received 1.8 million BLUR tokens on Feb 17th and cashed them all out for $1.3 million – leaving them now with no BLUR tokens at present.
Profitability
Although Machi made some money from his sales it appears he didn’t register much profit from these collections – resulting in floors dropping 12% for BAYC tokens down from 75 to 66 and MAYC floor dropping 9% down from 16/5 to 14/7 according to Andrew T’s tweet thread on February 24th..
Conclusion
The actions taken by Machi Big Brother suggest one man’s quest for an airdrop is wrecking some markets but ultimately allowing him access substantial profits through various methods such as wash deals and market manipulation.