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Free NFT Trader Pays Too Much Free NFT With $191K!
A non-fungible token (NFT) collector has mistakenly purchased a free NFT for a staggering 100 Ether (ETH), equivalent to $191,239, on the OpenSea market. The barrier has sparked debate among observers. Some suggest it was a wash, while others believe it was an honest mistake.
Credit: Bitcoinist
The $191K Mistake: A costly NFT bid
The NFT in question was part of OpenSea’s Gemesis NFT collection. It is a set of free NFT tokens designed to celebrate the launch of OpenSea Pro on April 4th. Instead of getting the NFT for free, the trader accidentally bid 100 ETH, a massive 250,000% increase on the base price of 0.04 ETH. OpenSea Pro, a marketplace aggregator aimed at professional users, offers an enhanced suite of features, including live cross-market data and advanced orders.
Deciphering the Error: Wash Trading Vs. Human Error
There has been much speculation about the reasons for the high bid. Some claim it was a wash trade. Understandably, his is a form of market manipulation where a trader buys and sells an asset to present misleading information to the market.
While illegal in traditional stock markets, wash trading is widespread in NFT trading. However, others, such as Twitter user “0xSun,” have suggested that the trader intended to bid $100, but mistakenly bid 100 ETH instead. A Reddit user who posted about the sale also cast doubt on the wash trade theory, pointing out that the open offer could have been accepted by anyone, making it too risky for a wash trade.
OpenSea Pro and Gemesis Free NFT Collection
OpenSea acquired the NFT aggregator Gem on April 25, 2022, and developed the platform into OpenSea Pro. Only users who have purchased at least one NFT on Gem before March 31st are eligible to mint a Gemesis NFT. The embossing window closes on 4 May.
The Importance of Caution in the Free NFT Marketplace
The costly mistake of a collector buying a free NFT for 100 ETH is remarkable. It has sparked discussions about the potential for market manipulation in the NFT area. While the debate rages, it is still unclear what happened. Whether the transaction was a genuine mistake or a more sinister wash trade. Regardless of the truth, this incident highlights the importance of diligence. Especially when navigating the volatile and sometimes unpredictable world of NFT trading.
