One person got away with purchasing 300 Adidas NFTs
Adidas dropped their first NFT yesterday.
The sale was capped at a max of 2 items per person and it sold out in less than a second.
One person was able to purchase 330 in a single transaction using a custom smart contract.
Here’s how they did it.
The buyer’s custom smart contract was deployed a few hours before the minting. Contract address:
When executed — the contract generates 165 sub smart contracts that would each individually mint 2 NFTs from the Adidas’ smart contract, and then transfer them to the owner’s main ETH address.
Since each sub smart contract has a unique address, the creator was able to avoid the 2 item limit imposed by the sale. After sending the NFTs to the creator’s main address, the child smart contract would self destruct
How much did it cost?
What was the the cost of packing all of these operations into one transaction?
The owner paid 27.3 ETH ~ $104k in gas fees to process this, on top of 66 ETH ~$252k to pay for the items.
This means that they’d need the price of the NFT to raise from 0.2E (mint price) to 0.28E to break even on the gas they spent. As the time of this writing, the price floor has skyrocketed to 0.8 ETH. Netting them a theoretical profit of ~$600k
View the full transaction here: