Ethereum’s Oldest NFTs Genesis MoonCats Face Extinction After Bot Attacks
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Ethereum’s Oldest NFTs Genesis MoonCats Face Extinction After Bot Attacks

March 22, 2021      Shumaila Arshad Khan

One of Ethereum’s oldest NFTs, Genesis MoonCats, is facing a plausible extinction or lock up after brutal bot attacks last week. The MoonCats are Ethereum’s first NFTs project and now under serious deliberation to be locked up indefinitely. And the reason is that these highly valuable, 160 black and white “Genesis MoonCats” NFTs can be easily snapped up by running bots when released for adoption.

Bot Attacks Destroying the Ultra Valuable Genesis MoonCats

The fact, these valuable tokens trade for about 55 ETH apiece has gotten the people to ransack this project and free up nearly 23, 344 MoonCats, which are currently trading for an average of about $1800.

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The pseudonym developers of this project also called Ponderware, are authorized to release these cute and adorable digital cats for adoption to new owners, who’re already selling them for as high as $100,000. In order to grab hold of them as soon as they’re available, people have set up bots in anticipation of their release by these developers. Running on the simple ‘if-then’ command, these bots automatically buy up these MoonCats, a process which often ends in snapping of the NFTs whilst completely obliterating them.

The MoonCats developers and holders are worried that these bots are destroying the rare and valuable cats and also the fun related to them since most people don’t know how to program their own bots.

Setting Up of Votes to Decide the Fate of Genesis MoonCats

Bots aren’t illegal which makes it impossible for the Ponderware to prevent them. To counter this, they have set up a vote to decide whether to destroy the private key to release these cats, locking up these NFTs forever, leaving the project incomplete.

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Alternatively, the Ponderware can raise enough money to front-run their own bots and store the cats in their wallet, then give away the cats as they deem fit. But due to a peculiarity in the MoonCats smart contract, they would need about 500 ETH, or about $900,000.

The voting concludes tomorrow to determine the fate of tokens currently worth a whopping $16 million. And about 718 of the 986 votes (72%) want to scrap the tokens. No matter the decision, Ponderware will airdrop five MoonCats, including 1 Genesis Cat, to five random voters as a final gesture of gratitude.

#Bot Attack #Ethereum #Genesis MoonCats #NFTs #Oldest NFTs
Shumaila Arshad Khan
Shumaila Arshad Khan

Shumaila Khan is a Senior Editor, a Management Professional, and a novice Crypto-Enthusiast who has authored and co-authored scores of works and research publications in various fields like sales, marketing & communications, geo-politics, and science including crypto asset class and its global impact on the world economy and market. As a keen observer of current and plausible trends in the crypto space, she’s been working to provide fresh content with a clear and resourceful perspective that would help build general awareness about the dynamics of cryptocurrency, its know-how, and sustainability.