Mistakes can be costly, and that’s what one NFT trader on Blur found out after placing a 100 ETH ($187,500) bid on a free ‘Gemesis NFT’ that was swiftly accepted. The NFT is part of a collection of free digital collectibles OpenSea is offering to individuals that had minted at least one NFT on the Gem marketplace before March 31.
OpenSea bought the marketplace last April and recently rebranded it to OpenSea Pro, which features more tools for pro traders. To commemorate the launch, the platform announced it would reward past users with free NFTs that can be claimed before the May 4 minting deadline.
Yeah someone else put the 100ETH bid by mistake (He probably want to bid 100 as amount) and it got accepted by another one with 1500+ gwei gas
— 0xSun (@0xSunNFT) April 5, 2023
The Many Speculations Surrounding the Free OpenSea NFT
Spending 100 ETH, which as of press time is about $187,500, on a free NFT appears to be insane. Many have speculated on the events that led to this mind-boggling purchase. Some believe it was a mistake and the trader intended to place a $100 bid on the collection that currently boasts a floor price of 0.04 ETH, or $75. However, others speculate it might have been a wash trade.
Wash trading involves the buying and selling of the same NFTs over and over again to game the system. One likely cause is to inflate trading volumes in order to gain a reward. It’s an activity that was quite evident when Blur airdropped its token, which was used to reward users with the highest volumes.
However, this theory has quickly been dismissed by others who deem it too risky given the circumstances surrounding the purchase.
One Reddit user notes, “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.”
The anonymous trader has yest to come forward to explain the situation, so for now, all NFT Twitter users can do is speculate. However, fellow traders can’t help but feel sorry for them.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind 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 globe.