As previously reported, the Ethereum Name Service (ENS) domain ‘amazon.eth’ received a bid of 1 million USDC ($1 million) earlier this week.
The bid has since run its course, as its anonymous owner failed to accept nor reject the offer. By virtue, this means that the latter essentially took place, which further means that the owner missed out on the $900,000 of profit that was presented to them. This is because they originally acquired the asset 5 months ago for 33 ETH (around $100,000 at the time).
There are several hypotheses behind the bid’s failure, with the simplest being that the owner was never notified of its existence. Alternatively, some people think that the bid could’ve been part of a ‘wash trade’ ploy, wherein users and/or their accomplices place high bids on assets with the intent of artificially inflating their prices through manipulating how the market perceives their demand.
Just as plausibly, NFT community member 0xQuit has alluded to the possibility of the $1 million offer being a ‘low-ball’. Intuitively, this is because we can expect e-commerce giant Amazon to eventually join the Web3 bandwagon, and when it does, it will have the financial backing to pay way over $1 million for the sought-after commercial asset.