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OpenSea NFT Collector Mistakenly Purchases Free NFT for 100 Ether (ETH)

OpenSea NFT Collector Mistakenly Purchases Free NFT for 100 Ether (ETH)

NFT collector makes an expensive mistake.

OpenSea non-fungible token (NFT) collector mistakenly purchased a free NFT for 100 Ether (ETH), worth approximately $191,239.

The NFT, which was intended to be free, was part of the Gemesis NFT collection. A handful of digital collectibles were given to users to celebrate the launch of the OpenSea Pro platform. The floor price of these NFTs was around 0.04 ETH (over $70), making the traders bid an astonishing 250,000% bigger.

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On April 4th, NFT marketplace OpenSea announced the launch of a specialized marketplace aggregator for professional users, providing a highly improved suite of features like real-time cross-marketplace data and advanced order tools.

Some speculations about the incident suggest that it was a wash trade, but Twitter user "0xSun" theorized that the trader meant to bid $100 but accidentally bid 100 ETH instead.

Another Web3 community member on Reddit also doubted the wash trading hypothesis. The individual believes this theory is not valid as the open offer was available to any interested party. Thus, posing a risk of another trader or bot quickly taking advantage of the significantly above-floor-price offer.

I know what you guys are thinking it was a wash trade but this was an open offer that could have been accepted by anybody, so it would be a pretty big risk hoping you were faster than anybody else looking at the offers at that moment.

Wash trading is a market manipulation method when an entity buys and sells the same asset to mislead market information. While illegal in traditional stock markets, wash trading is unfortunately prevalent in the world of NFT trading.

To qualify for minting a Gemesis NFT, users need to have purchased at least one NFT on Gem before March 31st. The opportunity to mint these tokens will close on May 4th.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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