OpenSea User Mistakenly Bids 100 ETH For Free NFT

Key Points:

• A trader buys an NFT for 100 ETH, 250,000% more than the floor price of 0.04 ETH.
• The token was part of OpenSea’s Gemesis NFT collection, and the sale happened on the NFT marketplace Blur.
• OpenSea Pro offers advanced features for professional users, and wash trading is prevalent in NFT trading.

NFT trader inadvertently paid a whopping 100 Ether for a free NFT from OpenSea’s Gemesis NFT collection.

At current market rates, this translates to a staggering $191,239, which represents a mind-boggling 250,000% increase from the floor price of 0.04 ETH. The trader, who may have intended to bid $100, accidentally placed a bid of 100 ETH instead.

Some have suggested that this sale was a result of wash trading, a market manipulation technique where a trader buys and sells an asset to give misleading information to the market. However, others argue that the sale was an open offer available to anyone, making it too risky to be a wash trade as another trader or bot would likely snap up the offer, given how far above the floor price it was.

OpenSea Pro, the platform tailored to professional NFT traders, boasts a vastly improved suite of features, including live cross-marketplace data and advanced orders. Since OpenSea’s acquisition of NFT aggregator Gem, the platform has been refined to create OpenSea Pro. Eligible users who purchased at least one NFT on Gem prior to March 31 can mint a Gemesis NFT until May 4.

The world of NFT trading, which has seen a surge of interest in recent years, despite its controversial reputation. It is fascinating to see how a seemingly small mistake can have such a significant impact on the value of an NFT. It also highlights the importance of staying informed and cautious when trading in this market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News