The Saudis are the new NFT collection on the block and consist of 5555 CryptoPunks derivatives that launched on July 9 as a free mint. Within a few hours, whole Crypto Twitter was talking about it.
About Saudis NFT collection
People were using the hashtag MAXBIDDING on various social media platforms. This was done in order to promote users to bid higher for the Saudis NFTs. Also, there is a channel on discord that gives hourly updates about the crude oil prices. When the price rises, it means that more money will flow in Saudi NFTs. If the crude oil prices fall, it means that lesser money will flow into these NFTs. This allows the community members to predict the future price movements of the NFT collection.
Infiltrator spoils the fun
Only 1000 NFTs were resever for the public mint which had a maximum of 1 mint per wallet. However, someone found a way to bypass this limit. The anonymous Rightblock set up a smart contract that minted nearly half of the public supply to hundreds of different wallets controlled by them. Before The Saudis team had become aware of this, Rightblock made over $100,000 from selling the NFTs. Holders thought the floor actually had dropped that low after spending over 1 ETH on their NFTs. However, the team finally was able to transfer around 200 of the remaining infiltrated NFTs out of Rightblock’s wallet
So, did Rightblock did anything wrong, or it was just a fault of the management that they didn’t thought of this possibility? We don’t know. But one thing is for sure that this is a lesson for other protocols to make sure that nothing like this happens again.
One more thing that should be noted that if this had happened in the DeFi space and the management had done the same what Saudis management did, then it would have been drastic. People would have questioned the decentralization of the project and would stop investing in that project no matter what updates the team comes up with.