Machi Big Brother’s recent NFT sell-off

According to statistics provided by Nansen, nonfungible token (NFT) whale Jeffrey Hwang, also referred to informally as Machi Big Brother, sold 1,010 tokens in the span of 48 hours for a total of 11,680 ether (ETH), which is equal to $18.6 million.

Andrew Thurman, who works for Nansen and is a simian psychometric enhancement specialist, emphasized the trading activity that took place over the previous two days in a Twitter thread he posted on February 25. He observed that it is “possibly the greatest NFT dump ever.”

In addition to many other non-fungible tokens (NFTs), the big selling event included the sale of a total of 308 Otherdeed NFTs, 90 Bored Ape Yacht Club (BAYC) NFTs, and 191 Mutant Ape Yacht Club (MAYC) NFTs.

However, Machi Massive Brother quickly purchased back 991 NFTs, and Thurman theorized that this may be a move to either record some gains while simultaneously undertaking “one big wash deal to produce enormous Blur airdrop profits” or a “quite blatant market manipulation.”

Reportedly one of the largest recipients of the Blur (BLUR) token airdrop from upstart NFT marketplace Blur, which recently dethroned OpenSea from its position as the top-ranked NFT platform in trading volume, Machi is said to be one of the largest recipients of the airdrop.

The project began its first round of airdrops to the community on February 14. The quantity of tokens that were airdropped depended on the user’s degree of involvement on the platform as well as the amount of Ethereum-based NFT trading activity that they participated in.

The blockchain analytics platform Arkham Intel said on February 17 that Machi had received 1.8 million BLUR and cashed it out for $1.3 million USD.

As a result, Machi may be able to acquire some more BLUR tokens in the next round by increasing the amount of activity in the NFT trading market, while other whales may be trying to do the same thing.

According to the statistics provided by NFT Price Floor, when looking at the floor prices of top collections that Machi first dropped, the prices of BAYC, MAYC, and Otherdeed NFTs have experienced a decline of 7.77%, 9.2%, and 8.16% respectively in the previous 24 hours.

In a recent piece, Thurman made the observation that “One man’s drive for an airdrop is ruining certain markets.”

According to CoinGecko, the price of BLUR is $0.79 at the time of this writing, reflecting a decrease of 17.7% over the course of the previous week.

The Blur team said in a tweet on February 22 that the project would shortly airdrop $300 million worth of tokens as part of its second round of funding.


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Team behind Friendsies NFT project refutes claims

The team that is responsible for the nonfungible token collection Friendsies has refuted assertions that they are “abandoning” the NFT project in the wake of a flood of allegations that they engaged in “rug pulling.” The allegations were made in response to a flood of allegations that the team engaged in “rug pulling.” After the squad was accused of indulging in “rug pulling,” these allegations were made to defend their actions. These claims were leveled as a kind of pushback against the mountain of evidence suggesting that the team engaged in “rug tugging.”

On February 21, the people who are driving the NFT project published a message to their Twitter followers stating that they would be “putting a stop” on Friendsies and “any future digital commodities” for the time being. The statement was posted on Twitter. They said that this decision will become effective right away. They justified their choice by arguing that the market provided a variety of challenges for them to overcome, which the decision had to take into consideration.

After around forty minutes had elapsed, the Twitter account that was in question was disabled, and the account of the organization that was responsible for beginning the campaign, Friendswithyou, was made private. Both of these actions were taken immediately after. As a direct consequence of this fact, stories have surfaced stating that the designers “rugged” for remuneration to the tune of almost five million dollars.

Since then, the Twitter account that is affiliated with the project has been revived, and the people behind the campaign have strongly disputed allegations that they had “given up” on the project altogether. The internet has been replete with reports that they are giving up on the project and moving on to other things, which may be translated as “throwing in the towel.” In spite of this, the account that was initially established by the company’s founders is being kept a secret by the management that is in place at the moment.


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Real Vision CEO believes NFT will act similar to high-end property

Raoul Pal, CEO and co-founder of Real Vision, speculates that nonfungible tokens (NFTs) would behave similarly to “high-end property” in the old economy and will outperform Ether (ETH) during boom cycles in the cryptocurrency market.

The former executive at JPMorgan offered a rundown of what he felt most bullish about when it came to NFTs in a video that was uploaded to YouTube and published on February 20. The video lasted one hour and covered topics such as key use cases for the asset class, its underlying technology, and its potential performance in comparison to Ether.

According to Pal, in the same way that “high-end property” often outperforms the market when the “economy rebounds,” it is expected that the same will occur with specific NFTs during boom cycles in the cryptocurrency market.

“Therefore, I am able to transfer my ETH into a JPEG, which is an NFT. However, why? If you like, you can think of a [Crypto]Punk as a high-end property in London or New York or Hong Kong or wherever it is, and when the economy starts booming and people have more money, they tend to buy expensive high-end property. “Well, because much like high-end property and think of a [Crypto]Punk as a high-end property in London or New York or Hong Kong or wherever it is.

In addition to this, it has a history of outperforming the majority of the market. And I believe the same thing will take place in the ETH economy,” he went on to say.

He brought attention to the fact that major collections such as CryptoPunks and the Bored Ape Yacht Club (BAYC) have become status symbols in the cryptocurrency community. This is analogous to the fact that owning a luxury home, car, or item from a well-known brand provides access to exclusive clubs or what he referred to as “mini network-states.”

NFTs, he said, provide a “means of owning property in the ETH market.” He went on to say that humans are “stupid” and that we “love to socially signal things.” ETH is a cryptocurrency.

In retrospect, the former manager of a hedge fund stated that it was the year 2022 when non-fungible tokens (NFTs) first began to attract his attention because he began to “understand the power of what they are and what they can do.” This included the ability to transfer “value” using blockchains and automated smart contracts.

He also brought up the applications of NFTs in the resolution of contracts, saying that blockchain-based ledgers can offer verifiable transparency on what has been agreed upon between people, while smart contracts can, in essence, do away with the need for unnecessary third parties. He cited these applications as an example.

“Now, what’s interesting about the smart contract element of a networked financial transaction is the fact that it kind of allows for the settlement mechanism to be automated in code and resolves without the need for a third party, so you don’t need the courts, the lawyers, the notaries, and the accountants,”

Pal said that ever since he began investing in NFTs, he has placed around ten percent of his ETH holdings in “premium NFTs,” such as CryptoPunks and BAYC NFT.

As a result of the fact that such collections have been able to maintain a respectable level of value throughout the bad market, he hypothesized that they may possibly provide greater upside potential than negative danger. He is also of the opinion that there will be a rise in the price of ETH in the future.

“When measured in terms of ETH, the prices of CryptoPunks and Bored Apes have shown an astonishing lack of volatility over the last several days. Yes, they had a blow-off top, and once it subsided, they returned and have been trading about 65 ETH ever since. And the fact that they didn’t fall too much farther is something that fascinates me about it. During the large crypto market crash in June, they had a strong rise. Aside from that, though, they have just made a comeback and have maintained their position at 65 ETH. Therefore, whatever ETH does, they are just replicating it,” he said.


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BAYC Copycat NFT Collection’s Founder Files Opposition being filed

An objection notice was filed against Yuga Labs’ 10 trademark registrations by one of the original creators of the Bored Ape Yacht Club (BAYC) imitation NFT collection, RR/BAYC.

This action signals yet another bizarre turn in the continuing fight over intellectual property between the people who created BAYC, Yuga Labs, and the people who founded RR/BAYC, Jeremy Cahen and Ryder Ripps.

On February 9, Cahen submitted the objection notice to the Trademark Trial and Appeal Board of the United States Patent and Trademark Office (USPTO). At the time that this article was being written, the opposition status on each and every trademark application was listed as “pending.”

The majority of Yuga Labs’ trademark applications were sent in during the second half of the year 2021. They went through a number of BAYC logos, pieces of artwork, and branding that may potentially be used across a variety of digital goods, such as artwork based on nonfungible tokens (NFTs), trading cards, and metaverse wearables.

The files also include a potential for tangibly produced BAYC goods such as apparel, jewelry, watches, and keychains, in addition to the possibility of providing entertainment services like as gaming, television, and music.

In an interview on the 11th of February with Bloomberg Law, a spokeswoman for Yuga Labs played down the possibilities of Cahen’s challenge being successful and said that the action was only another effort to generate difficulty for the company.

Jeremy Cahen’s filing is just another attempt to distract from the real issue at hand, which is his infringement of the Yuga intellectual property, they said. “The Trademark Office has preliminarily approved Yuga Labs’ trademark applications for registration, and we look forward to their full approval in due course,” they added.

Cahen provides a comprehensive list of “grounds for disagreement” to the files made by Yuga Labs in the notice that he submitted. In particular, Cahen asserts that the corporation “abandoned all rights” to certain logo and artwork designs as a result of BAYC NFT sales transferring “all rights” to the digital pictures’ owners. Cahen bases this argument on the fact that the company sold BAYC NFTs.

In addition to this, he asserts that Yuga Labs is not the legitimate owner of certain skull designs since the company is said to have transferred ownership of these rights to the ApeCoin decentralized autonomous organization (DAO) in March of 2022.

In addition, Cahen contends that Yuga Labs failed to provide a “bona fide intent to lawfully use” the trademarks in its filings, despite the fact that NFTs ought to be registered and categorized as securities in accordance with federal law. Cahen’s argument is based on the fact that NFTs should be registered.

Yuga Labs, the company that developed BAYC, filed a lawsuit against digital artists Ryder Ripps and Cahen in June 2022, accusing them of exploiting BAYC graphics in their RR/BAYC collection. The company also claimed that the two individuals were purposefully “trolling Yuga Labs and tricking customers” into buying their imitation NFTs. This was an additional allegation made by the company.

Cahen’s action comes only three days after Yuga Labs resolved a separate case against RR/BAYC website and smart contract creator Thomas Lehman. Cahen’s move also comes just three days after Yuga Labs’s settlement.

As part of the agreement, Lehman basically consented to a permanent injunction that prevents him from taking part in future “confusingly comparable” BAYC-related ventures. This provision was included in the settlement. Lehman has distanced himself from Ryder Ripp and Cahen in a statement that he has released.


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Kevin Rose, co-founder of Moonbirds, falls victim to phishing attack

Kevin Rose, who is also the co-founder of the nonfungible token (NFT) collection Moonbirds, has been a victim of a phishing scam, which has resulted in the loss of nonfungible tokens with a combined value of over $1.1 million that were individually owned by Kevin Rose. Moonbirds was a collection of nonfungible tokens that were named after birds.

On January 25, the news was made to the 1.6 million people who follow the person who created the NFT and a co-founder of PROOF on Twitter. He advised those people to refrain from collecting any Squiggles NFTs until his team was able to have them marked as stolen until his team could do so. Until they could do so, he urged them to wait to acquire any Squiggles NFTs.

Following that, sometime in the neighbourhood of two hours later, he revealed it in a following tweet.

It is believed that Rose’s non-financial assets were depleted when he authorised a bogus signature that transferred a significant amount of his non-financial assets to the exploiter. This theory is based on the fact that Rose may have been the victim of financial exploitation. This was the occurrence that resulted in Rose’s NFTs being used up completely. Because of this, Rose’s natural defence mechanisms (NFTs) were used to their utmost potential.

An independent investigation that was conducted by Arkham discovered that the exploiter stole at least one Autoglyph, which has a floor price of 345 Ether, at least nine OnChainMonkey items, each of which is worth at least 7.2 ether, at least 25 Art Blocks, also known as Chromie Squiggles, which are each worth at least a total of 332.5 ETH, and at least one OnChainMonkey item that is worth at least a total of 332.5 ETH

It is anticipated that a total of at least 684.7 ETH, which is equivalent to around $1.1 million, was successfully obtained.


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Reddit is testing out NFT profile pics but ‘no decisions have been made’

Reddit is testing out NFT profile pictures on its platform, with the news coming just a week or so after Twitter implemented a similar feature.

The popular social media platform had around 430 million monthly users in 2021, and is reportedly working on an NFT profile picture implementation that will enable users to set their profile picture to any non-fungible token with an attached image.

In an Interview with Techcrunch on January 27 , Reddit spokesperson Tim Rathschmidt stated that:

“We’re always exploring ways to provide value for users and communities on Reddit. At the moment we’re testing the ability to use NFTs as profile pictures (avatars) and verify ownership.”

“It’s a small, internal test and no decisions have been made about expanding or rolling out the capability,” he added.

Earlier in the week an app developer posted a banner from Reddit promoting the feature, suggesting the tests are already well advanced.

Related: Crypto YouTubers fall victim to hacking and scamming attempt

Twitter also introduced NFT profile pictures last week, available to Twitter Blue subscribers on iOS . However NFTs have met with a considerable backlash from gamers and Web2 devs recently. A day after the launch a github contributor shared a browser extension that automatically blocks Twitter accounts using NFT profile pictures.

Reddit has been experimenting with various initiatives around NFTs for some time. It even set up a dedicated page for NFT-related activities at

In May 2020, the company introduced cryptocurrency tokens for its /r/cryptocurrency and /r/Fortnite communities. Those tokens were called MOONs and BRICKs and are based on Ethereum standards.