Magic Eden: IRS NFT Mint Was Botted

In brief:

  • IRS NFT Mint Was Botted on Magic Eden’s LaunchPad
  • Captcha farms solved the captchas to bypass their security
  • Magic Eden is building features such as whitelisting and limiting minting per wallet

This week, according to Magic Eden, the IRS NFT mint was bottled.

Though no one is 100 percent sure of the cause, it’s believed that the botting occurred as a result of captcha farms pre-solving captcha before the launch, which led to several wallets minting a disproportionate number of NFTs once it did launch via Launchpad.

Magic Eden has decided to build other functionality for Launchpad to protect community members such as whitelisting addresses for community members and putting mint limits on addresses that are whitelisted.

What is IRS NFT?

If you haven’t heard of IRS NFT, you’re probably wondering what it is. It stands for The Impotent Rich Sers.

This collective of over 30 individuals creates NFTs that are then sold and bought just like any other tokens.

The only difference with an NFT is that there is no basis in what’s being sold besides the expenses that are related to creating it. It is a crypto-by-crypto trade when it comes to tax purposes.

The IRS NFT group creates these for the purpose of trading under Solana and the larger umbrella of Etherium.

How does Magic Eden’s Launchpad work?

Magic Eden is a platform that allows artists to put their artwork and ideas out there to showcase to the world.

The concept behind Launchpad is that the platform helps launch your work.

You can utilize Magic Eden’s features to not only add your work but also tell the company how and when you’d like your NFTs sold.

You can mint your NFTs, then host a launch on a set date with the use of their custom tools.

After this point, people can trade them freely using their online wallets such as Phantom or Solflare.

You can offer your community verified, instant access to the marketplace so you can buy, sell, and trade with confidence.

How do people use bots to cheat NFT mints?

One way in which people use bots for this purpose is they find the token metadata for their target collection.

If this metadata is available, someone can use a script in order to scrape the metadata for an NFT collection rapidly.

When the sale isn’t complete yet, you can move on to finding which NFTs are worthwhile to mint.

Even though it’s tricky since many projects hide their data, you sometimes can find leaking images or know of someone who can find them with ease.

The price of $SOL as of today (December 30th, 2021) is $173.35. The 24-hour trading volume for Solana is $1,513,809,067.

Some of the other platforms out there include OpenSea, Solanart, and Solsea.

It’s worth noting Fractal launched today offering in-game digital assets and NFT’s.

NFTs and anything else within the crypto world is vulnerable to all kinds of attacks and other issues.

Though companies are putting in improved safeguards all the time, it’s bound to happen.

However, IRS NFT still plans to work as a collective in this innovative way.