Whale’s Record-Breaking NFT Dump
In a jaw-dropping display of buying power, NFT whale Jeffrey Hwang, affectionately known as Machi Big Brother, executed what might be the largest NFT sale in history by parting with 1,010 NFTs in just 48 hours. The staggering sales raked in 11,680 Ether (ETH), translating to approximately $18.6 million at the time. What’s more amusing is that among these NFTs were beloved treasures from top-tier collections like the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC).
According to on-chain analyst Andrew Thurman from Nansen, this mass exodus of digital art could be dubbed the biggest NFT dump ever. However, hold onto your virtual hats – following this sell-off, Hwang swiftly snatched back 991 of those NFTs, sparking theories that it was all part of an elaborate wash trade scheme aimed at capitalizing on a shiny airdrop from Blur. Talk about a plot twist!
Blur Marketplace Takes Center Stage
As the NFT world grapples with these monumental shifts, Blur is claiming its stake in the chaos. Pacman, the founder of Blur, shared insights on the Hashing it Out podcast discussing how they aimed their platform at professional NFT traders rather than the casual collector. This focus on high-stakes trading strategies sets them apart from other platforms, which often seek to create a more user-friendly atmosphere. Pacman seems to be saying, ‘Noobs, stay in your lane!’
Literary NFT: The ‘Metaverse’ Manuscript Hits the Auction Block
Speaking of monumental, the manuscript that birthed the term “metaverse,” Neil Stephenson’s Snow Crash, is ready to find a new home through an auction facilitated by Sotheby’s. This auction, christened “Infocalypse,” commenced on February 27 and runs until March 6. It features an intriguing collection of six physical and six digital items linked to the iconic novel. If you’ve ever fancied owning a piece of digital history, here’s your chance – just make sure your wallet is prepared!
What’s Motivating NFT Buyers?
Ever wondered why people are diving headfirst into the wild world of NFTs? A survey conducted by Metajuice examined the motivations of over 6,000 NFT enthusiasts and uncovered that a whopping 74% admit to purchasing NFTs primarily for status. According to Metajuice President John Burris, there’s a strong desire among collectors to own items that elevate their perceived stature in the digital realm. Looks like the metaverse is serving up quite the social ladder!
Nifty News Highlights: Twitch, Bitcoins, and the Vault of Dreams
In this week’s Nifty News, Twitch streamer Kyle Jackson achieved victory by scoring the Golden Key NFT in the Dookey Dash game, selling it later for 1,000 ETH — that’s roughly $1.6 million! Meanwhile, Yuga Labs is riding the Ordinals hype wave, launching a new NFT collection called TwelveFold on Bitcoin Ordinals. The game of crypto is heating up, and we can’t help but wonder: what will they think of next?
So there you have it, folks! A week brimming with jaw-dropping sales, shocking revelations, and digital dreams sold at auction. Tune in next Wednesday to unwrap more tidbits from the lively world of NFTs!
