- OpenSea gave away free NFTs to celebrate the launch of its new platform.
- An NFT collector accidentally bid $200K for the free NFT.
- But was it wash trading or an accident?
The saga of irreversible and costly NFT mistakes continues this time with a recurring actor, a collector with deep pockets. Excitement over OpenSea’s new platform led a trader to make an irreversible and costly blunder – bidding hundreds of thousands of dollars for an OpenSea NFT they could’ve gotten for free.
The community is baffled and intrigued, questioning whether it was fat fingers or a soap opera of deception.
Fat Fingers or Wash Trading?
On April 4, OpenSea unveiled an upgraded NFT aggregator platform, Gem, under a new name – OpenSea Pro. To celebrate the launch, OpenSea launched a commemorative NFT collection called Gemesis, offering users who had previously bought NFTs on Gem to claim for free.
The hype surrounding OpenSea’s new platform led to Gemesis holders listing their NFTs for over $70. However, one unfortunate trader accidentally bid 100 ETH on Blur, or approximately $190 thousand, for the free NFT hours after the platform’s launch.
Twitter users questioned whether the transaction was a mistake or another instance of wash trading. Community members shared that the trader could’ve wanted to bid $100; however, they accidentally bid 100 ETH instead.
Others argued the collector meant to bid for 2500 Gemesis NFTs at 0.04 ETH a piece to farm Blur points, which led to sending one proposal for 100 ETH.
The collector and seller remain anonymous and have yet to share their side of the story.
How Not to Lose $200K
Trading, whether for traditional assets or digital, is prone to risks. Therefore, users are advised to tread carefully when trading. While mistakes in traditional markets can be reprieved (to a degree), slip-ups in blockchain are permanent. Therefore, take necessary precautions when dealing with digital assets, especially NFTs like Gemesis.
Here’s a quick list of tips that can save you from being like the OpenSea NFT collector:
- Do your own research.
- Avoid FOMO.
- Use trusted platforms.
- Don’t invest more than you can afford to lose.
- Double-check all links, and never click unverified links.
- Verify and inspect all addresses, such as contract address, sender address, and other addresses, before doing anything permanent.
- Set up additional layers of security and keep your assets safe.
- Ask for help from officials, and prioritize your safety and security.
- Don’t share your private keys with anyone.
On The Flipside
- Recently, a CryptoPunk owner accidentally burned their NFT worth over $100K in an experiment.
Why You Should Care
The NFT and crypto sectors are swarming with costly accidents, often with users sending their assets to the incorrect address or parting with the incorrect amount. This isn’t the first time such a fiasco has happened, so this OpenSea NFT collector’s mistake should be an example and a lesson.
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