Largest NFT dump in the History of NFTs
TL; DR
Jeffrey Huang became popular when he sold 1,010 NFTs within 48 hours and thereafter purchased 191 NFTs.
The major reason for Huang to trade a large volume of NFTs was to get a large individual share of the BLUR tokens.
The Merge, the First 5,000 Days, The Clock NFT, HUMANE ONE and several cryptopunks are the most expensive NFTs.
Apart from Blur NFT marketplace, you can also purchase NFT at Gate.io’s Magic Box.
Introduction
In spite of the current crypto depressed market there are many activities in the NFT market, showing how popular non-fungible tokens are. Celebrities are among the top investors in the virtual world sector. This article will cover how Jeffrey Huang, a world class musician sold 1,010 NFTs in 48 hours. We will also discuss some of the biggest NFT sales of all times.
Major Sell-Off followed a Swift Buyback
Nansen, a blockchain research firm, reports that Jeffrey Huang, also known as Machi Big Brother, sold 1,010 NFTs for a total of 11,680 ETH valued at $18.6 million on the date of the sale. The list of the NFTs he sold includes 90 Bored Ape Yacht Club (BAYC) NFTs, 191 Mutant Ape Yacht Club (MAYC) NFTs and 308 Otherdeed NFTs.
The interesting thing is that Machi Big Brother later purchased 191 NFTs, a move which some analysts like Andrew Thurman say might be a market manipulation act or a means to get a huge airdrop from Blur marketplace, the number 1 NFT marketplace.
Machi Big Brother (Jeffrey Huang) - Pandaily
It is not surprising that Machi Big Brother’s NFT dump and the subsequent purchase of other NFTs was to increase his involvement on the Blur NFT marketplace. This is because the share of the airdrop that an NFT trader gets is determined by his/her level of participation on the Blur marketplace. In February, Blur Marketplace announced a new round of airdrop expected soon.
Notably, on the recent Blur airdrop Machi Big Brother got the largest individual share of the distributed BLUR token. In fact, Arkham Intel, a blockchain analytics firm reports that Machi Big Brother got 1.8 million BLUR tokens which he cashed out for $1.3 million.
Read also about the trend of NFT Marketplaces
Who is Machi Big Brother?
Machi Big Brother whose real name is Jeff Huang is a renowned Tawanese musician and tech entrepreneur. He was a member of the music trio L.A. Boyz between 1991 and 1997. He later formed his own hip hop music group called Machi in 2003. With such experience and passion in music, Huang and his partners formed a music recording company called MACHI Entertainment.
In 2017 Huang became popular in the blockchain sector when he formed Mithril, a decentralized social media platform that rewards content creators for their contribution. Machi Big Brother started investing heavily in NFTs in 2021 when he became one of the top ranked NFT whales. In fact, he has been interested in Bored Ape Yacht Club (BAYC) NFTs.
Read also: What are crypto whales and why the matter
What relationship does Machi Big Brother has with BAYC?
According to cryptoslam.io’s BAYC records Machi Big Brother is the best BAYC NFT trader of all time. He seems to have generated much profit from trading these NFTs since 2021. As an example, in 2021 Machi Big Brother earned $$ 5.85 million by trading 34 Bored Apes NFTs
Similarly, he has had over 1,300 Otherside NFTs trades generating over $1.4 million in sales within a few months. Generally, though, his trading activities consist of inbound and outbound trades, something that has been going on for a long period.
Other biggest NFT sales in history
Since 2021 several expensive NFTs have come onto the market. Some of the famous NFT sales include Everydays: The Merge, The First 5000 Days, Clock, HUMAN ONE, TPunk #3442 and several cryptopunks.
The Merge
The Merge has been the most expensive NFT sale in the entire history of non-fungible tokens. Created by Pak, the digital artist, the Merge was sold for $91.8 million in December 2021. A total of 28,983 individuals snatched 312,000 shares of the Merge, making Pak the most expensive living artist.
Everyday: The First 5,000 Days
“Everyday”, created by Mike “Beeple” Winkelmann, is the second most expensive NFT as it fetched $69.3 million in March 2021. Vignesh Sundaresan, also known as MetaKovan, the founder of the Metapurse NFT project, purchased The First 5000 Days’ (Everyday) at Christie’s auction.
The Clock NFT
The anonymous artist Pak and Julian Assange, the creator of WikiLeaks, collaborated to create the “Censored NFT collection” which includes the Clock NFT. The Clock NFT, sold for $52.7 million, is a dynamic NFT that shows the number of days that Assange has been in prison.
The AssangeDAO purchased the Clock NFT in February 2022 as a fundraising activity for Assange’s defense against his extradition to the United States.
Take a look at Top NFT Coins & Tokens by Market Cap
HUMANE ONE
HUMANE ONE, Beeple’s artwork featuring an astronaut permanently striding through changing landscapes, was sold for $28.9 million in November 2021.This NFT is special in that it has a smart contract coded in it which enables Beeple to remote control it to monitor what is being displayed in it.
Larva Labs’ cryptopunks
Larva labs’s several crypto punks are some famous NFT sales you can think of. These include CryptoPunk #5822 sold for $23.7 Million worth of ETH, CryptoPunk #5822 sold for $23.7 million , CryptoPunk #7523 ( $11.8 Million), CryptoPunk #4156 ($10.26 Million), CryptoPunk #5577($7.7 Million) CryptoPunk #7804( $7.56 Million), and CryptoPunk #3100 ($7.51 Million).
How to buy good NFTs at Gate.io
In the Gate.io NFT marketplace called Magic Box you can purchase various non-fungible tokens through the fixed price or auction . Basically, Magic Box is integrated with primary NFT marketplaces like OpenSea and Sorare and Rarible.
The first step when you want to purchase NFTs is to create your account at Gate.io and have it verified. Once your account is verified, you need to fund your wallet. From there, you visit the marketplace and explore the various NFTs displayed there.
NFTs on Gate.io NFT Marketplace- Gate.io
Once you have identified the NFT you want to purchase, click on it to open a new window, and then click “Collect Order,” as indicated below.
Once you click “Collect Order,” a new window will open which gives you the room to place your bid.
Therefore, enter the offer by indicating the amount you are willing to pay for the NFT. Once you do that you wait for the auction period to end.
Conclusion
In short, Jeffrey Huang surprised the crypto community when he sold 1,010 NFTs within 48 hours. Surprisingly, soon after the sale he purchased another 191 NFTs. Analysts believe that Huang’s motive for doing that was to increase his engagement in the Blur NFT marketplace to get a good share of the airdrop. Although Huang traded the NFT on Blur NFT marketplace you can also purchase them at Gate.io crypto exchange.
