Buyer Picks Up Free Gemesis NFT for $190,000

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  • A free NFT from OpenSea Pro’s Gemesis collection was sold for close to $190,000 on Blur
  • Some in the crypto space think it’s a wash trade
  • The sale comes less than two days after OpenSea announced a new marketplace for professional traders

A free collectible from OpenSea Pro’s free Gemesis NFT has fetched 100 ETH or close to $190,000 on Blur, less than two days after OpenSea announced the free collectibles during the launch of the new NFT marketplace for pro traders. Although some in the crypto space think that it was a wash trade, others believe it was genuine and was a result of a fat finger. The sale comes when OpenSea and Blur have a growing rivalry with Blur advising creators on the platform to block OpenSea in exchange for full royalties.

2,500x the Floor Price

The amount the pseudonymous buyer paid for the Gemesis NFT surpassed the collection’s floor price of 0.04 ETH by a staggering 2,500 times. Those who believe it was a wash trade argued that NFTs in the Gemesis collection were offered for free to celebrate the launch of OpenSea Pro and thus have no real value to attract such a high price. 

Some even believed that the wash trade was meant to give people in the NFT community “something […] to talk about.” However, those who consider it a genuine sale think that the trader wanted to bid $100 but instead entered 100 ETH. 

More Wash Trades on Blur than OpenSea

While some believe the trade was a simple case of wash trading, others believe it would have been hard for the seller to conduct a wash trade since the collectible was listed as an open offer and anyone could have placed a bid. Although the sale can be genuine or wash trading, it taking place on Blur raises questions since the marketplace’s wash trades are higher than on OpenSea. In February, for example, NFT wash trades worth over $577 million happened on Blur causing Blur to beat OpenSea in NFT trading volume.

With the trade involving a huge amount for a free NFT drop, both sides of the argument are valid unless the Gemesis NFT buyer reveals their identity and explains what really happened.