Machi sells 1,000 bored apes,mutant apes in 48 hours

Machi sells 1,000 bored apes,mutant apes in 48 hours

Machi sells 1,000 bored apes,mutant apes, and other NFTs in Wild Weekend.

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

In just 48 hours on Blur, the newly-crowned top NFT market by volume, Machi sold 1,010 prized NFTs in just 48 hours, 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 that Machi had 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 for which Machi offloaded posted just single-digit losses for the week, with BAYC dipping 4% and MayC tumbling six percent, according to NFT Price Floor. Otherdeeds had bucked the trend to rally 15% over the same period.

The sale of Machi 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 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 that the collector may be carrying substantial losses on the sales.

Thurman speculated that Machi may be banking on some profits while also generating significant volume on the platform to secure a sizable airdrop allocation from Blur. He also proposed the trades could include 'pretty naked market manipulations', pointing out 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 have been trading Bored Apes between one another, presumably to bolster trade volume for Blur's airdrop.

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

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