Thursday, June 20, 2024

Million-dollar bid for ENS domain Amazon.eth gets disregarded.

The owner of the Ethereum Name Service (ENS) domain, amazon.eth, has reportedly ignored an offer valued at $1 million for the digital asset. An anonymous OpenSea user filed the offer earlier this week. The offer was made with 1 million USD Coin, a stablecoin variant tied to the US dollar.

The owner of amazon.eth neither accepted nor denied the said offer. The offer failed in due course of time. The reason behind this is unknown and a little baffling to be honest. The owner could have made a profit of approximately $900,000 by accepting the offer. The digital asset was purchased five months ago for 33 ETH, which converts to about $100,000.

Why did the offer fail?

0xQuit, a renowned member of the NFT community, pointed out that the offer might have been rejected due to the incomprehensible purchasing power of Amazon. The offer could have been considered a ‘lowball’. If the e-commerce giant owned by Bezos, ever wanted to set foot in the Web3 world, it would need the amazon.eth asset. So, Amazon could pay much more than just a million dollars for this indispensable digital asset.

There is also a possibility that the offer was ignored due to a phenomenon commonly referred to as ‘wash trading. In wash trading, users or their accomplices place sky-high bids on assets only to inflate their prices. It creates a false sense of demand around the said digital asset which consequently inflates its price.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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