An unknown person purchased NFT CrypToadz #4030 for 1055 WETH (over $1.6 million) on the OpenSea platform. The buyer paid a commission of $41,500.
Oh geez this doesn’t look good. A Cryptoadz NFT sells for $1,660,000 (1,055 ETH).
There were $41,500 in fees paid to OpenSea which makes me think it was a fat-finger error.
The floor price for the Toadz is 0.5 ETH.
ht @gangnam_eth pic.twitter.com/h8bPTCj2la
— NFTstats.eth (@punk9059) October 9, 2023
Users noticed that the base price for NFTs of this collection is 0.53 ETH. The best offer for the purchased token did not even reach 0.6 ETH.
The sale amount gave rise to various speculations: from the banal typos to “washing trade” [wash trading]. According to commentators, the latter is indicated by the fact that the buyer’s wallet was funded by funds that passed through the Tornado Cash mixer.
On further look, it looks like a good chance this was a wash trade. If so, perhaps the blip was not realizing there is now a marketplace fee on OS. https://t.co/KfBR1Ridd1
— NFTstats.eth (@punk9059) October 10, 2023
In August 2022, the service came under sanctions from the US Treasury for facilitating money laundering.
The sale of the CrypToadz NFT for $1.6 million comes as the market for non-fungible tokens continues to shrink.
In June 2023, the total volume of royalty payments on NFT collections dropped to a two-year low of almost 1,000 ETH.
In August, trading volume on OpenSea dropped to $106 million. The figure was the lowest since April 2021.
Let us remember that in the same month, the rare token #8585 from the Bored Ape Yacht Club series was sold for a record low of 153 ETH. The asset lost 80% in price in 11 months.
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