Nansen’s Andrew Thurman hypothesized that this significant NFT dump could be a move to obtain further BLUR token prizes while also recording some gains, as the Blur marketplace is due to receive a second airdrop.

Nansen records show that nonfungible token (NFT) whale Jeffrey Hwang, also known as Machi Big Brother, sold 1,010 tokens over the course of 48 hours for a total of 11,680 Ether, or $18.6 million.

The trading activity over the previous two days was highlighted by Nansen’s Simian Psychometric Enhancement Technician Andrew Thurman in a post on Twitter on February 25. He claimed that it is “possibly the largest NFT dump ever.”

The main selling event featured, among others, 308 Otherdeed NFTs, 191 Mutant Ape Yacht Club (MAYC), and 90 Bored Ape Yacht Club (BAYC) NFTs.

Thurman speculated that Machi Big Brother (Machi) may have been trying to book some profits while also engaging in “one massive wash trade to produce huge Additional airdrop profits” or in “quite naked market manipulation” when he swiftly purchased back 991 NFTs after the dump.

According to reports, Machi is among the greatest recipients of the airdrop of BLUR tokens from emerging NFT marketplace Blur, which recently dethroned OpenSea as the leading NFT platform in terms of trade volume.

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On Feb. 14, the project started dishing out its first round of airdrops to the community, with the number of airdropped tokens depending on the user’s level of platform participation and Ethereum-based NFT trading activity.

On Feb. 17, blockchain analytics site Arkham Intel reported that Machi had received 1.8 million BLUR tokens, and cashed it all out for $1.3 million.

As a result, Machi might be trying to increase NFT trading activity in order to gain some additional BLUR tokens in the upcoming round, and other whales might be thinking the same thing.

According to statistics from NFT Price Floor, the floor prices of the top collections that Machi first dropped have decreased by 7.77%, 9.2%, and 8.16% over the previous 24 hours for BAYC, MAYC, and Otherdeed NFTs, respectively.

In a recent piece, Thurman observed that “one man’s pursuit of an airdrop is ruining some markets.”

According to CoinGecko, the price of BLUR is currently $0.79 and has dropped 17.7% over the last week.

The Blur team tweeted on February 22 that the project’s second wave, or “season two,” will airdrop tokens valued at $300 million soon.