The price of large NFT collections keeps falling because of the investor farm airdrop on Blur

Since NFT Blur announced the new airdrop conditions, the above airdrop farming activity has been active, but caused the floor prices of large collections to plummet.

The price of large NFT collections is continuously falling because of the investor farm airdrop on Blur. Photo: TheBlock

According to statistics from many Twitter users, the wallet address of Machi Big Brother, a famous NFT investor in the crypto community, in 48 hours sold a lot of NFTs on the Blur marketplace, causing a heavy impact on the market. .

Specifically, researcher Andrew T from crypto data provider Nansen confirmed that Machi Big Brother sold up to 1,010 NFTs of all kinds, earning 11,680 ETH, worth nearly $19 million. A large number of NFTs “liquidated” by this person are in high-value collections such as Bored Ape Yacht Club (BAYC), Azuki or Otherdeeds.

However, Machi Big Brother did not make much profit from the above transactions when it also spent 9,833 ETH to buy 911 NFT. However, with the buying price lower than the selling price, this person still made a profit of 1,847 ETH.

Analyst punk9059 pointed out that the amount of BAYC that Machi just sold was only bought by this person from other investors 3 days ago, and his wallet still has more than 100 BAYC. As for investors who buy BAYC from Machi, they also quickly “transfer” to others with the main purpose of being active on Blur.

The sharp drop in NFT prices also threatens to liquidate NFTs that are mortgaged to borrow on BendDAO, creating more selling pressure in the market.

The reason for the above “trading strategy” of Machi Big Brother is likely to be to prepare for the next BLUR airdrop event of NFT Blur.

As reported by Kyptos, Blur at the beginning of the week announced the criteria for receiving the second airdrop, encouraging trading activity on the platform, especially with large NFT collections. After the success of the first airdrop in mid-February, many people’s expectations for the BLUR airdrop are huge.

That created an incentive for well-resourced NFT investors to enter the airdrop farming war together, making transactions to record as much activity on Blur as possible, increasing the probability of receiving the airdrop.

As a result, the majority of large NFT collections are being “buy high, sell low” by traders, pushing prices down sharply.

Floor price movements of top NFT collections, Blur screenshot at 10:00 AM on 25/02/2023

Many people also expressed concern that Blur’s airdrop criteria are making the NFT field lose its artistic value, becoming “pictured shitcoins” exactly as the community has long criticized.

Synthetic Kyptos

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