In this week’s newsletter, read about how a whale sold 1,010 nonfungible tokens (NFTs) within 48 hours. The Blur NFT marketplace captured the space’s attention, 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 earning 1,000 ETH in exchange for the Golden Key NFT.
Whale sells 1,010 NFTs in 48 hours in ‘largest NFT dump ever’
NFT whale Jeffrey Hwang, also known as Machi Big Brother, sold 1,010 NFTs within 48 hours. The NFTs were exchanged for 11,680 Ether (ETH), worth around $18.6 million at the time of the sale. Some NFTs sold were from prominent NFT collections like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Otherdeed NFTs.
In a Twitter thread, Andrew Thurman, from on-chain analytics firm Nansen, pointed out that the move could be the “largest NFT dump ever.” Following 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 marketplace war into perspective
In a recent episode of the Hashing it Out podcast, Blur founder Pacman joined Cointelegraph’s Elisha Owusu Akyaw to explain how the NFT marketplace captured the attention of the entire NFT space.
According to Pacman, Blur created a marketplace that targets professional traders. This approach vastly differs from other platforms that focus on providing a more simple user experience, which aims to attract newcomers within the space.
Snow Crash manuscript that coined the term ‘metaverse’ to be auctioned by Sotheby’s
Neil Stephenson’s Snow Crash — recognized as the book that coined the term “metaverse” — will soon be auctioned by art broker Sotheby’s. The bidding started on Feb. 27 and will end on March 6.
The auction is part of a series dubbed “Infocalypse,” which includes six physical and six digital items related to the book.
74% of survey participants say they buy NFTs for status
Metaverse platform Metajuice surveyed more than 6,000 NFT users to determine the motivations behind their NFT purchases. The results showed that almost three of four collectors buy NFTs for status and uniqueness.
Metajuice president John Burris said that people want to own items that “increase their perceived status” and how they appear within the metaverse. The executive also added that NFTs are a “key part” of this.
Nifty News: Yuga Labs jumps on Ordinals hype, Dookey Dash key sells for 1,000 ETH
Twitch streamer Kyle Jackson, who won the Golden Key NFT after getting the highest score on 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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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.