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PlaySide’s BEANS NFT project hits snag with minting issue, plummeting floor price
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The BEANS NFT project, based on the official “Dumb Ways to Die” characters originally created for Metro Trains Melbourne, has experienced a minting problem today, sending the floor price plummeting and some holders into panic mode.
According to the project’s official Discord channel, a bad actor was able to mint an extra 2,223 of the non-fungible tokens, after a limit had been set at 7,777 BEANS instead of an originally proposed 10,000.
“A few hours ago something happened to our contract and [it] minted the remaining 2223,” reads the Discord announcement posted by the project’s founders.
“We worked very hard today to raise the floor price to 0.55 [ETH] and to see someone come in a ruin this hard work is truly heartbreaking. It’s also heartbreaking that we chose not to mint all 10,000, only to have them minted anyway. The contract can not mint anymore than 10,000 so that is the max.”
There, however, seems to be some current conjecture on social media as to whether the minting issue was an exploit or a developer error…
What a day for Beans. Went to 0.55 ETH, then an exploit threw it all the way down to 0.05 ETH, then went back up to 0.34 ETH, and now at 0.25 ETH.
Hope the team can sort things out, cause this was probably one of the dumbest way for an exploit to happen.
— Song Choonᵍᵐ 🍌🅱️ (@songchoon) February 7, 2022
Beans – dumb ways to die.
For some reason, the team unpaused the contract for 0 mint price, allowing the remaining supply to be minted for free and sold 😂
They were supposed to be a 10k project that got changed to a 7777. Think they unpaused the contract to burn the supply 🤣
— Song Choonᵍᵐ 🍌🅱️ (@songchoon) February 7, 2022
As reported by Stockhead, the ASX-listed, Melbourne-based video game developer PlaySide (ASX:PLY) is behind the BEANS project, and upon the NFTs’ launch, the company’s shares soared more than 30 per cent.
While the project began minting at just 0.05 ETH per NFT, it was able to reach a floor price as high as 0.6 ETH (about US$1,850 at the time of writing). Some of the BEANS NFTS were selling for as much as 1.3 ETH.
After the exploit, or error… (let’s call it an “issue”), the floor price plummeted down to its original levels and, according to members in the Discord chat, some panic-selling ensued. Some on-the-spot buyers were then able to swoop at extremely low prices – for example 0.13 ETH for one rare “OG” BEAN (about US$400), according to one Discord member.
In an attempt to steady the ship, the project’s founders, who go by the Discord aliases: Divvy, Klod and Numpty, have been buying back the extra minted BEANS and are planning to delist the ones they purchase to “ensure the supply is kept low” and get the floor price back above 0.5 ETH once again.
At the time of writing, the BEANS NFT floor price is sitting around 0.36 ETH.
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