Mistakes can be costly, and that’s what one NFT trader on Blur discovered after placing a bid of 100 ETH ($187,500) on a free ‘Gemesis NFT’ that was quickly accepted. The NFT is part of a collection of free digital collectibles Open sea is offering to people who minted at least one NFT on the gem market before March 31.
OpenSea bought the marketplace last April and recently renamed it OpenSea Pro, which features more tools for professional traders. To commemorate the launch, the platform announced that it would be rewarding previous users with free NFTs that can be claimed before the minting deadline of May 4.
Yes, someone else put the offer of 100 ETH by mistake (probably wants to offer 100 as amount) and it was accepted by another with more than 1500 gwei of gas
— 0xSun (@0xSunNFT) April 5, 2023
The many speculations surrounding the free OpenSea NFT
Spending 100 ETH, which at press time is about $187,500, on a free NFT seems crazy. Many have speculated about the events that led to this mind-blowing purchase. Some believe it was a mistake and that the trader intended to place a $100 bid on the collection that currently has a floor price of 0.04 ETH, or $75. However, others speculate that it could have been a wash trade.
Wash trading involves buying and selling the same NFTs over and over again to game the system. One probable cause is inflating trading volumes for a reward. It’s an activity that was quite evident when Blur launched their token, which was used to reward users with the highest volumes.
However, this theory has been quickly dismissed by others who consider it too risky given the circumstances surrounding the purchase.
Notes from a Reddit user, “I know what you guys are thinking was a wash trade, but this was an open offer that could have been accepted by anyone, so it would be quite a risk to expect them to be quicker than anyone looking at the offers at the time. ”
The anonymous trader has yet to come forward to explain the situation, so for now, all NFT Twitter users can do is speculate. However, fellow merchants can’t help but feel sorry for them.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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