April 16, 2024
On OpenSea a collector offered 100 ETH for a free NFT

On OpenSea a collector offered 100 ETH for a free NFT

On OpenSea a collector offered 100 ETH for a free NFT

A non-interchangeable token (NFT) trader apparently bid on the free NFT, buying it for 100 ethers (ETH), which is currently valued at $ 191,239, as opposed to the purchased NFT, which is worth almost nothing.

The token was part of the NFT Gemesis NFT collection of the OpenSea trading floor, a free NFT designed to commemorate the launch of OpenSea Pro on April 4. The trader’s bid was 250,000% above the minimum price of 0.04 ETH.

OpenSea Pro is a trading floor aggregator designed for professional users, providing them with what OpenSea calls a “vastly improved” feature set, such as quick cross-market data and advanced orders.

On OpenSea a collector offered 100 ETH for a free NFT

Some argued that the sale was bogus, but Twitter user “0xSun” put it that the sale, which occurred on the NFT Blur trading platform, was because a trader wanted to offer $100, but accidentally offered 100 ETH instead.
The Reddit user who posted about the sale also questioned the bogus trade theory, arguing that it was an open offer available to all, making the bogus trade too risky because another trader or bot would quickly intercept an offer that was well above the minimum price.
Fictitious trading is a form of market manipulation in which a trader buys and sells an asset to provide misleading information to the market. This practice is illegal in traditional stock markets but is very common in NFT trading.

OpenSea acquired NFT aggregator Gem for an undisclosed sum on April 25, 2022, and enhanced the platform to create OpenSea Pro.

Only users who purchased at least one NFT on Gem by March 31 are eligible to mint Gemesis NFTs, with the minting window set to close on May 4.

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