A non-fungible token (NFT) collector paid 100 Ethereum on the marketplace for an NFT that was effectively worth nothing. Whether it was a mistake or a planned action to deceive the community – opinions are divided.
The purchased token belongs to Gemesis – a collection of free NFTs released by the OpenSea platform in honor of the launch of OpenSea Pro. As reported Cointelegraphis an aggregator of NFT sites designed for professional users.
The trader left his bet on the Blur NFT marketplace. It amounted to about $191.2 thousand, which is 250,000% higher than the minimum bid of 0.04 ETH (about $75).
In this regard, the opinions of commentators were divided. Some have come to the conclusion that the grieving collector may have simply made a mistake – instead of bidding $100, he accidentally entered the purchase amount of 100 ETH. And the seller simply accepted the application.
Others recognized it as wash trading. This is the name given to the repeated purchase and resale of the same asset by one trader in a short period of time with the aim of misleading other market participants regarding the value or liquidity of the asset. This concept came to the cryptocurrency industry from traditional finance – in the securities market, this practice is considered illegal.
However, this version was criticized because the proposal itself was open. Therefore, any manipulations were too risky – another trader or a trading bot could intercept such a high bid.
It is worth noting that beginners in NFT trading should first thoroughly understand the interface of the trading terminal or marketplace. This will avoid similar situations and large financial losses.