- Mech Minds unveils using flash loans for the sale of #7689 NFT.
- Getting users’ attention was the aim behind helping the purchase of the NFT.
- A CryptoPunk sale that occurred in 2021 was the source of motivation.
A deflationary NFT series, Mech Minds, is known for offering interactive opportunities to its owners via the GPT model of OpenAI. Recently, it sold its own #7689 NFT for 125,000 ETH upon utilizing flash loans as well as the zero-fee transaction of OpenSea. By doing so, the particular NFT has become the most expensive one in ETH terms till date.
MechMind sold its own #7689 NFT for 125,000 ETH using flash loans and OpenSea's zero-fee transaction, making it the most expensive NFT in history. The official stated that this is done to attract attention and also to remind wash-trading.— Wu Blockchain (@WuBlockchain) February 21, 2023
Mech Minds shared their support for the NFT’s purchase and confessed to doing it for publicity. The inspiration behind the move was the $500M CryptoPunk sale that happened in 2021, and the transaction created a lot of hype.
It is expected that navigating to the top of OpenSea’s trending/top as well as other marketplaces/aggregators will lead to attention to this attack vector. It was possible to use this technique nefariously at significantly low volumes so as to wash-trade organic volume that can’t be identified easily.
Since a sale worth 125,000 ETH is absurd, it makes no sense to hide anything. The deflationary project can be viewed at http://mechminds.ai.
On February 20, 2023, OpenSea’s trading volume increased 15 times to 135,000 ETH and went ahead of the trading volume of Blur, which was 50,000 ETH. Reportedly, the rise in transaction volume was driven by Mech Minds.Meanwhile, Mech Minds is trending on OpenSea and is visible on top and trending. This isn’t the first time the project has trended on the largest marketplace. On February 14, after minting out in just 25 minutes, the project dominated the OpenSea top 10.