A token accidentally created on the Base network by prominent onchain analyst ZachXBT has reached a staggering market value of $3.4 million.
Token Created Unintentionally by Onchain Analyst ZachXBT Reaches $3.4 Million Market Value
The unexpected development dates back to ZachXBT minting an open-release NFT titled “243M Theft” using the Zora protocol in August. Unbeknownst to him, Zora’s system automatically converted these NFTs into ERC-20 tokens, allowing them to be traded as memecoins on decentralized exchanges.
ZachXBT explained that he envisioned the NFT as research archived solely on the blockchain, similar to his articles in the Mirror.
However, Zora’s interface did not explicitly state that minting an NFT would also create a tradable ERC-20 token. “The Zora UI does not currently give creators any indication that an open-release NFT mint will ultimately result in the issuance of an ERC-20 token,” he said, providing screenshots to support his view.
The NFT was minted using Zora’s ERC20z token standard, which makes assets tradable on Uniswap by providing automatic liquidity via a wrapped ERC-20 token.
When the token was offered for sale on secondary markets, its market value increased sharply, reaching $970 per token. Reacting to the increase in speculation, ZachXBT expressed disappointment.
*This is not investment advice.
