The dumping of 1,010 NFTs by a distinguished whale could also be a symptom of the brand new Blur market rewards scheme.
A identified ‘whale’ named Machi Big Brother dumped 1,060 non-fungible tokens over a 48-hour promoting spree. In whole, the dump amounted to $18.6M, in what’s being referred to as the largest dump in NFT historical past.
What’s extra, Machi Large Brother then purchased again 991 NFTs in a weird twist.
A whale is somebody who owns a considerable amount of cryptocurrency, and might manipulate the market with their buying and selling exercise. Consequently, whale exercise causes a ripple impact, and might result in drastic adjustments in market costs.
As an example, Machi Large Brother offered 90 Bored Ape Yacht {Club} (BAYC) NFTs, and that resulted within the flooring worth for BAYC NFTs dropping 12%.
Nansen’s content material lead Andrew Thurman supplied commentary on the unravelling story.
On chain insanity
Andrew Thurman believes that the dumping of so many NFTs displays “bare market manipulation”, “degeneracy”, and “psychological sickness”. Furthermore, Thurman is underneath the impression that Machi Large Brother’s actions are linked to his involvement with Blur market.
Blur is an rising market, and is at present usurping the large Opensea when it comes to buying and selling quantity and exercise. Actually, the explanation for Blur’s latest success is linked to its free token airdrops and rewards scheme.
Basically, Blur is aggressively rewarding skilled merchants with free $BLUR tokens in the event that they meet the necessities of {the marketplace}. Moreover, {the marketplace} is rewarding merchants who bid for, and promote, NFTs in excessive quantity.
Actually, one of many largest beneficiaries of the Blur rewards scheme has been Machi Large Brother, who lately scooped $1.8M $BLUR as a reward for his exercise, and offered it for $1.3M.
Extra to come back
Blur is inflicting an enormous stir out there, and it’s solely simply getting began. Certainly, with Blur’s subsequent airdrop looming, we will count on extra main whale exercise as Blur prepares to airdrop 300M $BLUR tokens.
To qualify for its free token airdrops, you have to present numerous exercise, and loyalty, to {the marketplace} in numerous methods. For instance, you achieve a 100% loyalty rating for not itemizing NFTs on different marketplaces like Opensea.
