Moonbirds whale sells 500 NFTs on Blur for heavy losses

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Key takeaways : 

  • A whale sells 500 NFT Moonbirds, lowering the collection’s starting price by 26%.
  • For losses ranging from 9% to 33%, the Ethereum address sold nearly 500 Moonbirds NFTs.

One Ethereum address liquidated nearly 500 Moonbirds NFTs during the course of the previous day, incurring huge losses.

Particularly, NFTs from the Moonbirds series are regarded as blue-chip collections. Due to the fact that the digital items were sold in batches, losses ranged from 9% to 33%. 200 Moonbirds NFTs out of the total stolen were sold at a loss of more than 32%. The floor price of Moonbirds was over 30% less at the time of posting.

One of Moonbirds’ NFTs sold for 350 ether in April 2022, just one week after its launch, drawing attention to the project. It was a spectacular accomplishment at the time, with a worth of around $1 million. The most recent liquidation, however, shows that the market environment has changed and that not everyone has been successful in making a return from their investments.

According to NFTTrack, all transactions happened on the NFT marketplace Blur. More than 700 Ethereum were estimated to have been lost overall as a result of these deals.

The wallet for the aforementioned address currently has less than $2 worth of platform tokens, and it no longer owns any NFTs on the Blur platform. Yet, we can observe that the same address transferred 1,334 ETH to a different wallet, along with high-value NFTs for CloneX, Cool Cats, and Pudgy Penguins.

Twitter users are dubbing the recent set of events a “dump scheme” rather than a liquidation procedure as a result of the NFT frenzy.

Some users even claim using the dip given the decreased floor price to get their hands on Moonbirds.

Mishaps with NFTs are not uncommon in the market; a BAYC NFT was the subject of hot debate last year. A BAYC NFT originally valued at over $200,000 was sold for USDC 200.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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