ZachXBT NFT Accidentally Becomes $15M Meme Coin on Base

Key takeaways

ZachXBT's nft research paper unintentionally became a $15 million meme coin on the Base network.
The lack of clarity of the Zora protocol interface regarding the creation of ERC-20 tokens led to the emergence of the meme coin.

A token created unintentionally by blockchain researcher ZachXBT on the Base network reached a market capitalization of $15 million after automatically becoming a tradable asset.

The token, issued via the Zora protocol in August, was intended to archive the ZachXBT token. investigation of a $243 million theft involving a Genesis creditor as free nfts documenting the investigation.

However, unbeknownst to ZachXBT, the Zora UI automatically converted these nfts into ERC-20 tokens, making them tradable on DEXs like Uniswap.

“The Zora UI currently gives no indication to creators that an ERC-20 token will also be released at the end of an nft mint open issue,” ZachXBT.x.com/zachxbt/status/1853680339899613601″ rel=”noopener nofollow noreferrer”> fixedproviding screenshots demonstrating the lack of clarity of the interface.

The protocol created approximately 3,500 tokens on Base through its ERC20z standard, which allows nfts to be packaged into ERC-20 tokens or unwrapped into ERC-1155 tokens.

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

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

243 Million Robo/WETH Token Chart (TradingView)

ZachXBT expressed its discontent with speculative trading and stated:

“If people continue to tag me in posts, I will dilute the piece with more mints that have no end date and possibly take other actions such as replacing Zora's artwork with a blank image.”

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