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I can't figure out why this transaction is the way it is. It involves 3 parties and 2 sales of an NFT. Here are the events:

enter image description here

  1. NFT Sells for 0.0244 from 06BBBB to C5320D. But no transfer happens.
  2. C5320D instantly sells the NFT to matty247 for 0.1 WETH. But no transfer happens.
  3. 06BBBB transfers the NFT to matty247.

enter image description here

All three events have the same etherscan transaction attached to them. What's confusing me is:

  1. Why are there no intermediate transfers of the NFT.
  2. Why are 3 parties involved in the same transaction?
  3. Why does matty247 buy an NFT for 0.1 WETH when it was just sold for 0.0244 ETH.
  4. Why is there a MEV bot?
  5. Why does all of this happen instantly (in one transaction. It looks like the transaction sender is sending tokens on behalf of others)?
  6. On top of this, etherscan for the NFT for the NFT is showing there was no sale, only a transfer.

TX etherscan, opensea

P.S. I don't care about NFTs. My friend came across this transaction because he was trying to figure out why the transaction is the way it is, but it's confusing us both.

1 Answer 1

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Firstly I would recommend this tool for transaction debugging:

https://ethtx.info/mainnet/0x130047803f0eea6e7df9f9a9ed0444252f61dfb5201b6157341bb82ab2a779c0/

So what I think happened is, since you can only make offers in WEth (you cant put a NFT on sale using Eth), someone made an offer for this NFT for 0.1WETH. The MEV bot saw, that the NFT was already for sale for 0.0244 and took the opportunity to buy it for less and sell it for more in the same transaction.

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  • Thank you for the answer. Do you know where on the blockchain one can see the sale/buy offers? I know it's using the wyvern contract, but couldn't find a tool to explore that.
    – Majiick
    Jan 19, 2023 at 15:51
  • Maybe not wyvern but Seaport, as per your ethtx link.
    – Majiick
    Jan 19, 2023 at 16:19
  • In order to put an item on sale, you only need a signature. This means that the orders are actually stored off-chain. To retrieve order information, you should therefore use Opensea's API: https://docs.opensea.io/v2.0/reference/retrieve-offers
    – Nal Luksic
    Jan 20, 2023 at 8:56
  • Ah, so the seller just creates and signs an order and sends it off to OpenSea. Then when an order is to be fulfilled, SeaPort takes the signed order and verifies that the buyer sent off enough eth and transfers the NFT to the buyer?
    – Majiick
    Jan 20, 2023 at 17:29
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    The offerer of the order supplies all offered items and must either fulfill the order personally (i.e. msg.sender == offerer) or approve the order via signature (either standard 65-byte EDCSA, 64-byte EIP-2098, or an EIP-1271 isValidSignature check) or by listing the order on-chain (i.e. calling validate). From docs.opensea.io/v2.0/reference/seaport-overview#order Thanks!
    – Majiick
    Jan 20, 2023 at 20:34

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