Sportswear giant Adidas dropped its non-fungible token (NFT) collection “Into the Metaverse” with 30,000 pieces on Friday – and while the sale was capped at a maximum of two items per person, one user managed to hoover up 330 pieces using a smart contract.
According to Montana Wong, a blockchain engineer and co-founder of product studio Sprise.co, a user made a custom smart contract and deployed it a few hours before the minting. When executed, the contract generated 165 sub smart contracts, each minting two NFTs and transferring them to the owner’s main ethereum (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,” Wong tweeted.
According to the Etherescan transaction, the user paid ETH 27.3 (currently USD 103,838) in gas fees and ETH 66 (USD 251,036) for the 330 NFTs as each item was priced at ETH 0.2.
As of now, the floor price for Adidas NFTs is ETH 0.785 on the major secondary marketplace OpenSea, meaning that the user’s NFT collection may be worth at least ETH 259 (currently USD 985,127). Considering that they cumulatively spent some ETH 93.3 to mint and transfer the 330 NFTs, they could be at a net profit of ETH 166 (USD 631,330).
Meanwhile, the drop was part of a collaboration with the popular NFT collection Bored Ape Yacht Club (BAYC), PUNKS Comic creator Pixel Vault, and private NFT collector gmoney.
The sale was a success as all NFTs, except the 380 items that Adidias held onto for “future events,” were sold out within a matter of hours, bringing a total of ETH 5,924 (USD 22.53m) to the company.