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ZachXBT’s NFT accidentally becomes a $15 million meme coin on Base

ZachXBT’s NFT accidentally becomes a $15 million meme coin on Base

Cryptobriefing2024/11/06 10:22
By: Cryptobriefing
UNI-0.12%NFT+0.11%

Key Takeaways

  • ZachXBT's NFT investigation document was unintentionally converted into a $15 million meme coin on the Base network.
  • The Zora protocol's lack of interface clarity regarding ERC-20 token creation led to the meme coin's emergence.

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A token unintentionally created by blockchain investigator ZachXBT on the Base network, has reached a $15 million market cap after being automatically converted into a tradable asset.

The token, issued through the Zora protocol in August, was meant to archive ZachXBT’s investigation of a $243 million theft involving a Genesis creditor as free NFTs documenting the investigation.

However, unknown to ZachXBT, Zora’s UI automatically converted these NFTs into ERC-20 tokens, making them tradable on DEXs like Uniswap.

“The Zora UI currently does not give any indication to creators that an ERC-20 token will also be launched at the conclusion of an open edition NFT mint,” ZachXBT stated , providing screenshots demonstrating the interface’s lack of clarity.

The protocol created approximately 3,500 tokens on Base through its ERC20z standard, which enables NFTs to be wrapped into ERC-20 tokens or unwrapped back to ERC-1155 tokens.

This functionality allows trading via Uniswap, similar to other token creation platforms.

The token’s value surged from nearly zero to $4,300 per token, reaching a market cap of $15 million, but it has since plunged to a $4 million market cap at the time of writing, according to DEX Screener data .

ZachXBT’s NFT accidentally becomes a $15 million meme coin on Base image 1 ZachXBT’s NFT accidentally becomes a $15 million meme coin on Base image 2 243M Theft/WETH token chart (TradingView)

ZachXBT expressed displeasure with the speculative trading, stating,

“If people continue tagging me on posts, I am going to dilute the piece with more mints that do not have an end date and possibly take other actions like replacing artwork off Zora with a blank image.”

The investigator clarified that his original intention was simply to archive investigative content permanently on the blockchain, similar to his previous articles hosted on Mirror.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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