Machi sells 1,000 wild weekend NFTs

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Machi sells 1,000 wild weekend NFTs

Machi sells 1,000 wild weekend NFTs: Mutant Apes, Bored Apes, and Other NFTs.

A NFT collector roiled the market over the weekend in a series of trades that left investors' heads spinning.

Machi, a top NFT collector, sold 1,010 prized NFTs in just 48 hours on Blur, the newly-crowned top NFT marketplace by volume, according to Nansen's Andrew Thurman. For 11,024 ETH, the sales included 90 Bored Ape Yacht Clubs, 191 Mutant Ape Yacht Clubs, 112 Azukis and 308 Otherdeeds.

Thurman said Machi then turned around and repurchased 57 BAYC, 190 MayC, 11 Azukis and 285 Otherdeeds for 8,479 ETH.

Floor prices for most of the collections Machi offloaded for most of the week posted only single-digit losses, with BAYC dipping 4% and MayC tumbling 6.4%, according to NFT Price Floor. Otherdeeds bucked the trend to rally 15% over the same period.

Machi's sales came after OSF and Mando, a pair of top-notch NFT collectors, made headlines in the NFT community for 'taking profits' by offloading 71 BAYC, 11 MayC and seven Azuki, among other NFTs.

Mando and OSF executed their sales orders into bids Machi previously placed for around 77 ETH each, according to NFT statistics. Many of Machi's recent BAYC trades were executed for roughly 59 ETH each, indicating the collector may be incurring substantial losses on the sales.

Thurman believed Machi may be banking on some profits while also generating substantial volume on the platform to secure a sizable airdrop allocation from Blur. Machi's sales could generate panic in the markets and create opportunities for the trader to buy back in lower prices, he said.

HashBastardsNFT, a social media influencer, said that Machi and fellow BAYC whale Franklinisbored, Machi, have been trading Bored Apes between one another, presumably to bolster trade volume for Blur's airdrop.

Liam Herbst, an NFT analyst, said whales seeking to wash-trade NFTs on Blur are 'losing 0.5% in fees on every Flip'. He warned that prices for top collection prices could fall if the market's top traders stop implementing the strategy and withdraw their bids from the market.

They ll dump their bag onto other farmers, Herbst said.