On Friday, Adidas' non-fungible token (NFT) collection "Into the Metaverse" went live with 30,000 pieces, and while the sale was limited to a maximum of two items per person, one user managed to acquire 330 items using a smart contract.
A blockchain engineer and co-founder of product studio Sprise.co, Montana Wong says that a user created a custom smart contract and deployed it several hours before minting. The script generated 165 subsmart contracts, each of which produced two NFTs and sent them to the owner's main ethereum (ETH) address, when executed.
Wong tweeted, "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."
Etherescan records indicate that the user paid ETH 27.3 (currently USD 103,838) in gas costs and ETH 66 (USD 251,036) for the 330 NFTs because each item was priced at ETH 0.2.
As of now, the floor price for Adidas NFTs on OpenSea's main secondary market is ETH 0.785, implying that a user's NFT collection may be worth at least ETH 259 (currently USD 985,127).Given that they spent a total of ETH 93.3 to create and transfer the 330 NFTs, they may be making a net profit of ETH 166 (USD 631,330).
Meanwhile, the release was part of a collaboration with Bored Ape Yacht Club (BAYC), PUNKS Comic creator Pixel Vault, and private NFT collector gmoney.
The sale was a success, with all NFTs, with the exception of 380 items that Adidias retained for "future events," selling out within hours. The firm acquired ETH 5,924 (USD 22.53m) as a result of the sale.