Error on the part of a “fat finger” or simple wash trading? A user of the OpenSea marketplace spent 100 Ether (ETH), or approximately $190,000, to acquire a non-fungible token (NFT) offered for free. The floor price in the secondary market was 0.04 ETH, which is 2,500 times lower.
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100 ETH for a free NFT
A Blur Marketplace user has just made a terrible mistake. Presumably, the latter spent 100 ETH to acquire a non-fungible token (NFT) distributed free of charge by OpenSea. This represented $191,000 at the time of the events.
This NFT was part of the Gemesis collection, commemorating the launch of OpenSea Pro, a marketplace aggregator inaugurated on April 4th. GEM users (the old name of OpenSea Pro) were able to get it for free. The floor price for this collection stood at 0.04 ETH in the secondary market, or around $76.
Transaction details on Etherscan
As the transaction detail on Etherscan tells us, the user has indeed purchased this NFT from the Gemesis collection for a price of 100 ETH. The operation took place on the Blur marketplace and even cost him 0.38 ETH in fees, or about 740 ETH. A trifle in comparison to this error, if indeed it is one.
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Fat finger or wash trading?
If the error seems too big to be true, it has also alerted other Internet users. Nevertheless, while some refer to wash trading, others confirm the trail of user error. This is commonly called a fat finger (or big finger, in French) since he made an error in carrying out his transaction.
As a reminder, wash trading is a common practice in the world of finance, cryptocurrencies but also NFTs. This is a maneuver by which a user will put an NFT up for sale at a very high price and then buy it back themselves. It is a practice used for various and varied purposes, but in the majority of cases, it makes it possible to inflate the volume of transactions of the collection.
However, this practice is risky. In our case, the offer being public, another user (or a bot) could have hastened to validate the transaction before the user and thus recover the 100 ETH in his place.
Presumably, the fat finger thesis is preferred. The floor price being around 70 dollars, chances are the user wanted to place a bid for 100 dollars, which actually turned out to be 100 ETHi.e. 2,500 times greater.
This is an error that may seem silly on the surface, but which happens very regularly. Whether on the purchase price or on transaction costs, mistakes can happen quickly if you are in too much of a hurry. To avoid falling victim to this, take your time and make sure your transaction fields are filled in correctly.
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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