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NFTs and Metaverse

Fat Finger Mishap: Trader Loses $190K in OpenSea’s NFT Marketplace

Fat Finger Mishap: Trader Loses $190K in OpenSea’s NFT Marketplace

Only three days after OpenSea Pro was launched, a trader on the non-fungible token marketplace fat-fingered a Gemesis NFT bid and lost 100 ETH, which is equivalent to around $190,000 at spot rates as of April 5.

According to reports, the “Blur Farmer” mistakenly placed the bid for the freely distributed Gemesis NFT, which was a thank-you to some Gem users after OpenSea acquired Gem in April 2022.

While some people suggest that the 100 ETH bid could have been a wash trade, others believe that the fat finger was an accidental mistake.

Unfortunately, the bid was instantly accepted, and the NFT was transferred to the farmer, who now owns a Gemesis NFT currently traded at 0.03 ETH in the open market.

The immutable nature of cryptocurrency transactions makes it impossible to reverse the transfer once it has been confirmed in the network.

As a result, the identity of the bidder remains unknown, but on-chain transactions indicate that the bidder is an active trader on Blur, an OpenSea competitor, and a community-driven NFT marketplace.

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OpenSea launched OpenSea Pro to counter Blur and provide a platform for Ethereum NFT trading. The OpenSea Pro documentation claims to be the “most powerful NFT aggregator,” providing professional traders with a new level of optionality, selection, and control.

The platform aggregates NFT prices across 170 unique marketplaces and introduces live cross-marketplace data, instant sales, advanced orders, and other features.

The platform’s release coincided with the Gemesis NFT drop, which allowed early adopters of Gem to mint free assets until May 4, 2023. Of 180,000 Gem NFTs available for minting, only 43.1% have been collected as of April 6.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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