NFT Marketplace Chaos: Massive Dump Triggers Price Drops
Machi Big Brother, a notable non-fungible token (NFT) whale, recently sold 1,010 tokens for 11,680 Ether (ETH), equating to $18.6 million, within two days.
The NFTs sold included 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs, and 308 Otherdeed NFTs. Machi Big Brother subsequently repurchased 991 NFTs.
Machi is reportedly one of the largest receivers of BLUR token airdrops from Blur.
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It was revealed that Machi had received 1.8 million BLUR tokens, which they sold for $1.3 million. The project may seek to receive more BLUR tokens by increasing NFT trading activity, and other whales could be considering the same tactic.
As a result of Machi’s selling activity, BAYC, MAYC, and Otherdeed NFTs have all seen their floor prices decline by around 7-9% in the past 24 hours.