Whale sells 1,010 NFTs in 48 hours: Nifty Newsletter, Feb. 22–28

cointelegraph.com:

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. 

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.

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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.

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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