NFTs: “Machi Big Brother” Dumps $18.6M Worth Of NFTs

Nansen reported that Jeffrey Hwang, known as Machi Big Brother, sold 1,010 NFTs for $18.6 million in ETH. The tokens were sold at a current price of $1,601 per token. This transaction occurred within a 48-hour timeframe.

The sale included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, and 308 Otherdeed NFTs. Thurman also noted that Hwang’s purchase of specific tokens may have influenced their market prices, resulting in a quick price increase. While some critics have accused Hwang of manipulating the NFT market, others argue that he was simply taking advantage of a buying opportunity.

The Blur token’s price increased by over 300% in the hours following Hwang’s purchase of the tokens. Some have criticized the airdrop system, claiming that it creates an unfair advantage for wealthy collectors like Hwang.

Critics argue that airdrops lead to market manipulation and favor the wealthy and connected collectors. As the NFT market evolves and new platforms emerge, the debate around airdrops is expected to persist. According to blockchain analytics platform Arkham Intel, Hwang received 1.8 million BLUR and sold it for $1.3 million.

Looking at the floor prices of top collections Hwang initially dumped, BAYC, MAYC, and Otherdeed NFTs have dropped by 7.77%, 9.2%, and 8.16% in 24 hours, according to data from NFT Price Floor.

NFTs: What’s Next For Hwang & Blur?

As the Blur team prepares to airdrop $300 million worth of tokens in its second round, it remains to be seen whether Hwang will continue to ramp up his NFT trading activity to score more BLUR tokens. Other whales may want to do the same, potentially leading to more market volatility.

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At the time of writing, BLUR’s price is $0.79, declining 17.7% in the past seven days, according to CoinGecko. With the NFT market still in its early stages, we’ll likely see more whale activity and market manipulation in the future.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing

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