Just 24 hours after the launch the National Basketball Association’s (NBA) inaugural ethereum NFT drop, the 18,000 free NFTs were quickly exploited.
It was said to be a reserved number of the NFT assets for NBA Top Shot NFT holders with a limit of one per wallet.
However, the collections smart contract clearly undertook security breaches and users exploited the drop by mining the NFTs, clearing the collection in an hour.
Users minted as many of the NFTs as possible, with some collecting more than 100 for themselves.
These were then sold sharpish on the originally proposed trading market for The Association NFTs, OpenSea, for more than 0.30 ETH (around $1,000).
The NBA took to Twitter to explain to fans a plan of action to work around the hack. The league said the collection will now be increased from 18,000 to 30,000 to ensure all affected people have a chance of obtaining the promised complimentary NFT.
The tweet by “NBAxNFT” said: “We recognize the issues with the smart contract which caused the Allow List supply to sell out prematurely. We apologize for this situation and are currently identifying the Allow List wallets that were not able to mint as a result.”