When NFT Blur announced new airdrop criteria, the aforementioned farming airdrop activity has been ongoing, but it has caused the floor price of enormous collections to plummet.
The market was significantly impacted by the wallet address of Machi Big Brother, which sold a lot of NFTs on the Blur marketplace in under 48 hours.
Machi Big Brother made $19 million by selling up to 1,010 different varieties of NFTs. In high-value collections like Bored Ape Yacht Club (BAYC), Azuki, or Otherdeeds, this person "liquidated" a sizable quantity of NFTs. Sadly, because it also spent 9,833 ETH to buy 911 NFT, Machi Big Brother did not make much money from the previous trades. This person nevertheless got a profit of 1,847 ETH even if the purchase price was less than the selling price.
The quantity of BAYC that Machi recently sold was purchased from other investors only three days ago, and his wallet still has more than 100 BAYC. When investors buy BAYC from Machi, they instantly "transfer" to other investors with the main objective of participating in Blur. In addition to increasing market selling pressure, the sharp decrease in NFT prices poses a risk of liquidating NFTs mortgaged to borrow on BendDAO. The Big Brother's previously mentioned "trading plan" is probably meant to get ready for the impending NFT Blur BLUR airdrop event.
At the start of the week, Blur announced the requirements for acquiring the second airdrop, encouraging trading activity on the site, especially with significant NFT collections. Many people had high expectations for the BLUR airdrop following the success of the first airdrop in the middle of February.
This gave well-funded NFT investors an incentive to enter the airdrop farming war, making trades to log as much activity on Blur as they could to increase their chances of receiving the airdrop. Since the majority of big NFT collections are "buy high, sell low," the price has significantly decreased as a result.
Several users are also worried that Blur's airdrop criteria are leading the NFT field to lose its artistic value and become "pictured shitcoins," as the community has long complained.