Feb 25, 2023
Machi Big Brother Dumps $18.6M NFTs, Promptly Buys Back 991 Tokens
In a stunning move that has rocked the world of nonfungible tokens (NFTs), Machi Big Brother (Machi) has sold off 1,010 tokens for a total of 11,680 Ether (ETH) or $18.6 million over the course of 48 hours.
The sale, which was highlighted by Nansen’s Simian Psychometric Enhancement Technician Andrew Thurman, is believed to be the largest NFT dump ever and included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs and 308 Otherdeed NFTs.
Surprisingly, Machi then bought back 991 of the tokens, leading to speculation that this could be a play to either book some profits or to manipulate the market. Machi is reportedly one of the largest recipients of the BLUR token airdrop from the NFT marketplace Blur.
On Feb. 17, blockchain analytics platform Arkham Intel indicated that Machi had received 1.8 million BLUR tokens, which he cashed out for $1.3 million.
As a result, Machi could be looking to score some fresh BLUR tokens in the next round by ramping up NFT trading activity, while other whales may be looking to do the same.
Meanwhile, BAYC, MAYC and Otherdeed NFTs have seen their prices drop 7.77%, 9.2% and 8.16% in the past 24 hours respectively, according to data from NFT Price Floor.
On Feb. 22, the Blur team tweeted that the project will soon airdrop $300 million worth of tokens in its second round, or “season two.”
At the time of writing, BLUR sits at $0.79 with the price declining by 17.7% over the past seven days, according to CoinGecko.
The NFT space is currently in a state of flux due to Machi’s actions, and it is unclear how the market will react in the coming weeks. However, it is clear that Machi and other whales are taking advantage of the airdrops to increase their profits, and it is likely that NFT marketing and promotion will become more important as the space grows.
NFTs have become increasingly popular in recent months, and the ability to sell and promote them is becoming a key component of the web3 space. As such, many companies are starting to offer NFT marketing services, and some are even launching specialized NFT marketing agencies to help creators and businesses get the most out of their NFTs.
These agencies can help creators and businesses promote their NFTs on social media platforms, such as Twitter, and can also help them find the best ways to sell their NFTs. With the help of these agencies, creators and businesses can maximize their profits from selling NFTs, and can also ensure that their NFTs reach the widest possible audience.
In the coming weeks, it will be interesting to see how the NFT market evolves in the wake of Machi’s actions, and whether the NFT marketing space will continue to grow.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
