
Machi sells 1,000 Bored Apes, Mutant Apes, and Other NFTs in Wild Weekend.
A NFT collector roiled the market over the weekend in a series of trades that left investors' heads spinning.
Machi, a major collector, sold 1,010 worth of NFTs in just 48 hours on Blur, the newly-crowned top NFT marketplace by volume, according to Nansen's Andrew Thurman. The sales included 90 Bored Ape Yacht Clubs, 191 Mutant Ape Yacht Clubs, 112 Azukis and 308 Otherdeeds for 11,024 ETH.
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 of Machi offloaded posted only single-digit losses for the week, with BAYC dipping 4% and MayC tumbling six percent, 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 sell orders into bids for Machi previously placed for around 77 ETH each, NFT statistics show. Many of Machi's BAYC trades have been executed for roughly 59 ETH each, suggesting the collector may be incurring substantial losses on the sales.
Thurman speculated that Machi may be locked in some profits while also generating substantial volume on the platform, in order to secure a sizable airdrop allocation from Blur. He also suggested the trades could include 'pretty naked market manipulations', stating that Machi's sales could create panic in the markets and create opportunities for the trader to buy back in at lower prices.
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, a NFT analyst, tweeted that whales looking to wash-trade NFTs on Blur are 'losing 0.5% in fees on every Flip'. He added that prices of top collections could fall if the marketplace's top traders decide to stop executing the strategy and withdraw their bids from the market.
''It'll dump their bag onto other farmers, Herbst said.