While some critics assert that the trader inadvertently submitted an offer for 100 Ether, which was promptly accepted, others argue that the transaction was a wash.
A trader of nonfungible tokens (NFTs) appears to have wasted a free NFT by purchasing it for 100 Ether, currently worth $191,239, rather than for nothing.
OpenSea created the free NFTs in the Gemesis NFT collection to coincide with the introduction of OpenSea Pro on April 4. The trader’s offer is a 250 percent premium above the floor price of 0.04 ETH.
OpenSea Pro is a marketplace aggregator intended toward professional users, with a “vastly improved” suite of services, including live cross-markets data and advanced orders.
Others have claimed that the sale was the result of wash trading, but Twitter user “0xSun” claims that it truly occurred because the trader bid 100 ETH instead of $100 on the NFT marketplace Blur.
A Reddit user who commented on the sale questioned the wash trading argument, stating that because it was an open offer available to everyone, it was too risky to be a wash trade because another trader or bot would likely accept the offer that was so far above the floor price.
“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,” he said.
A trader participates in wash trading, which is a sort of market manipulation, in order to supply false information to the market. Although it is prohibited on traditional stock exchanges, this practice is widespread in NFT trading.
OpenSea acquired NFT aggregator Gem on April 25, 2022 for an undisclosed fee, then enhanced the platform to become OpenSea Pro.
Before March 31, in order to mint a Gemesis NFT, you must have purchased at least one Gem NFT. The period for minting will conclude on May 4.