Whale sells 1,010 NFTs in 48 hours: Nifty Newsletter, 22-28 February

by James · March 1, 2023

In this week’s newsletter, you can read about how a whale sold 1010 non-fungible tokens (NFT) within 48 hours. The Blur NFT marketplace caught the attention of the room, and the manuscript that coined the term “metaverse” is being auctioned by Sotheby’s. In other news, find out users’ motivations behind their NFT purchases, and don’t forget this week’s Nifty News, featuring a Twitch streamer who earns 1000 ETH in exchange for Golden Key NFT.

Table of Contents

Whale sells 1,010 NFTs in 48 hours in ‘biggest NFT dump ever’

NFT whale Jeffrey Hwang, also known as Machi Big Brother, sold 1010 NFTs within 48 hours. The NFTs were exchanged for 11,680 Ether (ETH), worth around $18.6 million at the time of sale. Some sold NFTs came from prominent NFT pools such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Otherdeed NFTs.

In a Twitter thread, Andrew Thurman, of chain research firm Nansen, pointed out that the move could be the “biggest NFT dump ever.” After the dump, Hwang bought back 991 of the NFTs, leading Thurman to believe that it was a “big wash trade” to generate profits from the Blur airdrop.

Blur founder Pacman puts the NFT market battle war into perspective

In a recent episode of Hasting it out podcast, Blur founder Pacman joined Cointelegraph’s Elisha Owusu Akyaw to explain how the NFT market captured the attention of the entire NFT space.

According to Pacman, Blur created a marketplace that targets professional traders. This approach differs significantly from other platforms that focus on providing a simpler user experience, which aim to attract newcomers to the space.

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The Snow Crash manuscript that coined the term ‘metaverse’ to be auctioned by Sotheby’s

Neil Stephenson Snow crash – recognized as the book that coined the term “metaverse” – will soon be auctioned by art broker Sotheby’s. Bidding started on 27 February and will end on 6 March.

The auction is part of a series called “Infocalypse,” which includes six physical and six digital items related to the book.

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74% of survey participants say they buy NFTs for status

Metaverse platform Metajuice surveyed more than 6,000 NFT users to find out the motivation behind their NFT purchases. The results showed that nearly three out of four collectors buy NFTs for status and uniqueness.

Metajuice president John Burris said people want to own items that “increase their perceived status” and how they appear in the metaverse. The executive also added that NFTs are a “key part” of this.

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Nifty News: Yuga Labs Jumps on Ordinals Hype, Dookey Dash Key Sells for 1000 ETH

Twitch streamer Kyle Jackson, who won the Golden Key NFT after getting the highest score in the Dookey Dash game, sold the token for 1,000 ETH, worth around $1.6 million at the time. Meanwhile, BAYC creators Yuga Labs announced a new NFT collection called TwelveFold on Bitcoin Ordinals.

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Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.