Community puzzled by $1.6 million CrypToadz NFT purchase

An unknown buyer purchased NFT CrypToadz #4030 for 1,055 WETH (over $1.6 million) on the platform OpenSea. 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 noted that the base price for this NFT in the collection sits at 0.53 ETH. The best offer for the purchased token did not reach even 0.6 ETH.

The sale sparked a range of speculation: from a simple typo to wash trading wash trading. Commentators say the latter is suggested by the fact that the buyer’s wallet was funded with funds that passed through the mixer Tornado Cash.

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 was sanctioned by the U.S. Treasury for facilitating money laundering.

The sale of CrypToadz NFT for $1.6 million occurred amid a continuing contraction of the non-fungible token market.

In June 2023, the total royalties paid across NFT collections fell to a two-year low — nearly 1,000 ETH.

In August, trading volume on OpenSea fell to $106 million, the lowest since April 2021.

In the same month, a rare token #8585 from the Bored Ape Yacht Club series sold for a record-low 153 ETH. The asset lost 80% of its value over 11 months.