In this week’s newsletter, find out how a whale sold 1,010 non-fungible tokens (NFTs) in 48 hours. The Blur NFT market has caught the attention of space, and the manuscript that coined the term “metaverse” is up for auction by Sotheby’s. In other news, learn about users’ motivations behind their NFT purchases, and don’t forget this week’s Nifty News, featuring a Twitch streamer earning 1,000 ETH in exchange for Golden Key NFT.
Whale sells 1,010 NFTs in 48 hours in ‘biggest NFT dump ever’
NFT whale Jeffrey Hwang, also known as Machi Big Brother, sold 1,010 NFTs in 48 hours. The NFTs were traded for 11,680 Ether (ETH), worth around $18.6 million at the time of the sale. Some NFTs sold were from prominent NFT collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Otherdeed NFT.
In a Twitter thread, Andrew Thurman of on-chain analytics 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 it was a “big washout trade” to generate profits from the Blur dump.
Blur founder Pacman puts the NFT market war into perspective
In a recent episode of The hash podcast, Blur founder Pacman joined Cointelegraph’s Elisha Owusu Akyaw to discuss how the NFT market has caught the attention of the entire NFT space.
According to Pacman, Blur has created a marketplace that targets professional traders. This approach differs greatly from other platforms that focus on a simpler user experience, which aims to attract newcomers to the space.
Snow Crash manuscript that coined the term ‘metaverse’ to be auctioned by Sotheby’s
by Neil Stephenson Snowfall — credited as the book that coined the term “metaverse” — will soon be auctioned by art broker Sotheby’s. Bidding started on February 27 and will end on March 6.
The auction is part of a series called “Infocalypse”, which includes six physical objects and six digital objects related to the book.
74% of survey participants say they buy NFTs to get their status
The Metaverse platform Metajuice surveyed over 6,000 NFT users to determine the motivations behind their NFT purchases. The results showed that nearly three out of four collectors buy NFTs for their 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 element” of this.
Nifty News: Yuga Labs Jumps on Ordinal Hype, Dookey Dash Key Sells for 1,000 ETH
Twitch streamer Kyle Jackson, who won the Golden Key NFT after scoring the highest score on the game Dookey Dash, 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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Thanks for reading this roundup of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and information on this evolving space.