The owner of the ‘amazon.eth’ Ethereum Name Service (ENS) domain has disregarded an offer equivalent to $1 million for the digital asset. The offer was originally filed yesterday by an anonymous OpenSea user, and was made using 1 million USD Coin (USDC), the stable coin pegged to the United States dollar.
The offer was neither accepted nor denied, meaning by virtue, the latter essentially took place. This is despite the fact that the owner would’ve made a healthy $900,000 in profit if they were to accept the offer, as they originally acquired the asset for 33 ETH (around $100,000) five months ago.
As pointed out by NFT community member 0xQuit, the offer’s failure may be attributed to the fact that it could be seen as a ‘lowball’ given the incomprehensible purchasing power of e-commerce leaders Amazon. This is because if the Jeff Bezos-owned company was to ever enter the Web3 game, it will quite likely want to acquire the sleek and efficient amazon.eth domain name, and more poignantly, it will certainly be able to pay well over $1 million for it.
Alternatively, the offer may’ve simply been part of a ploy called ‘wash trading,’ which is where bids are made through users’ other accounts or accomplice accounts to inflate the price of an asset by creating a heightened but artificial sense of demand around it.