NFT
The worldwide NFT neighborhood is guessing concerning the motivation of Machi Massive Brother, who bought over 1,000 NFTs of 4 Tier 1 collections for over $18 million in at some point. Final week, he grew to become one of many largest beneficiaries of the Blur (BLUR) airdrop by an upstart OpenSea competitor.
Machi Massive Brother initiates “largest NFT dump ever,” Nansen’s Andrew Thurman says
Andrew Thurman, a cryptocurrency analyst in a number one analysis firm Nansen, observed intriguing exercise of Jeffrey Hwang, a veteran NFT dealer colloquially often called Machi Massive Brother. On Feb. 23-24, Hwang was mass-selling his NFTs, together with ones from the most costly collections within the section.
In what’s probably the most important NFT dump ever, prior to now 48 hours Machi has bought 1,010 NFTs, together with:
– 90 BAYC for 5707 ETH
– 191 MAYC for 3091 ETH
– 112 Azuki for 1644 ETH
– 308 Otherdeed for 582 ETHHowever he is not registering a lot revenue for these collections. Why? pic.twitter.com/4NyMF3gzuy
— Andrew T (@Blockanalia) February 24, 2023
For example, amid different 1,010 NFTs, Hwang bought 90 Bored Apes Yacht Membership (BAYC) tokens, 191 Mutant Ape Yacht Membership (MAYC) tokens, 112 Azukis and 308 Otherdeed NFTs. In complete, Machi Massive Brother remodeled $18 million by his promoting marketing campaign.
On the identical time, he purchased again the lion’s share of this large portion of tokens the subsequent day. Additionally, he deposited 7,000 Ethers (ETH) to the deposit pool of Blur (BLUR), essentially the most overhyped NFT market of 2023 and essentially the most harmful OpenSea competitor.
The whale continues to be holding 11,000 ETH in numerous NFTs, so his assault on markets is likely to be very removed from open.
It’s value noting that Machi Massive Brother acquired 1 million BLUR tokens as the results of a current airdrop. He instantly bought all of his airdrop rewards for $1.3 million, Arkham analysts unveiled.
High-tier NFT collections buying and selling at low cost
Nansen’s researcher talked about some facets of Hwang’s motivation. To start with, he is likely to be involved in getting extra BLUR airdrops for his exercise. Then, he might simply be “reserving” his earnings from earlier buying and selling.
Additionally, we is likely to be witnessing a big manipulation: Thurman harassed that such promoting campaigns are within the highlight of NFT merchants and would possibly catalyze curiosity in shopping for BAYC, MAYC and different prime collections.
Because of this, 21 out of 25 top-tier NFT collections have seen their ground costs decline within the final 24 hours. CloneX NFTs are the worst performers: their ground worth misplaced 9.2%.
