 What started this talk? It started in April that was a tweet by Bert Miller from Flashbots about a moonbird that was actually bought for 44 ETH and then immediately sold in one single transaction for 240 ETH and When I saw this I was like wow, this is pretty insane and we Really dived into the topic. So at first I'm gonna give a short introduction. What is MEV? Basically, who can say here what happens if you click like swap on uniswap in a one sentence, maybe transaction gets submitted to the mempool and the technical View is you have the public mempool where you can submit the transaction and in traditional finance You only have like a centralized server and then the transactions get Executed with the public mempool though people can see your transaction and they can insert their own transaction before or even I mean the miner itself can insert the transactions manipulate them block them and Yeah, there's a more technical explanation about like what's different in POS in the last slide, but due time yeah, so basically MEV exists also in like all the auctions It's basically if you skip the auction make a contract with the seller itself in this case the seller is the block space and Yeah, what is an NFT? For me it was kind of interesting to understand that NFT is kind of like the same as an ERC20 token but with the ID that was much more understandable to me than like non fungible token and They're like if you look at Google search volume you will see that like one to ten thousand people Google how to create a ERC20 token each month and Like how people want to create an NFT. It's like ten thousand to hundred thousand people So you could assume that NFTs are like very mainstream and also The the gas if you look at Ethereum is kind of high from NFT project so like open C is always in the like top ten of gas benders you can see a beautiful NFT project on the side and So another question what happens if you like click make a collection bit on a NFT side It doesn't work on every marketplace, but maybe someone knows it but now so basically if you Click and make a collection bit On an NFT marketplace the usually the auction is off-chain, but once the the the the like the Contract gets settled in the mempool people can still like do arbitrage. So let's dive into this rabbit hole So what is an NFT arbitrage? Basically you buy the NFT at one marketplace and you sell it at the other marketplace What what is special about it is in crypto you can do it in a single transaction in one block There's some particular cases about like NFTs and MEV or in general like value extraction so the the Moonberg example is pretty extreme I find and also The Apecoin maybe you've heard of it. They had a token for every NFT holder and there was a Trader who basically lent the NFTs Claimed the tokens and then sold them immediately. So he netted more than like $600,000 I think so what what can we do about it because I mean if you look at the the the life cycle of NFT It's like pretty mainstream and I don't assume like Bill Murray knows like what happens in the mempool and So there's a couple of resources to educate yourselves. There's this like Website MEV tools which shows like also how to like mint an NFT or like submitted transactions through flashbots Which is basically making skipping the mempool. There's other ways you can avoid it, right? So if you have an auction where you have a commit reveal you first commit and then once you place a bit you reveal your bid and You you cannot like front-run it because you need the commit first So when you buy any in S domain, you have to wait one minute. That's basically the reason why So the life cycle of an empty you have the minting process Here it can like lead to gas wars. So I don't know. There was a soccer project that actually had like One million dollars and gas fees and like the NFT mint was like less valuable than like it's crazy, right? And if you like submit a transaction to flashports, and it basically if it fails You would you don't need to pay pay gas. So that's important but also There's been cases where an NFT project might be super successful and people were like bribing the miners to make sure that they minted So even if you're like a normal consumer, you don't have any chance to mint it, right? and the holding time of an NFT I mean it indicates basically if the NFTs are flipped and yeah, the transfer function is basically for like auctions and and Yeah, so what can we do and one one idea is we just fork the ERC 20 ERC 71 Contract and if you think about okay, what is atomic arbitrage? You sell it and buy it in one block So we just simply lock the last transfer and we Block that the ID from being transferred twice per block I mean, it says it's more like it's a very simple solution But yeah, obviously some some contracts might not work with it So what what are what else can we do? What are like conclusions? Yeah? First of all, there's different stakeholders. So the markets They just want to sell the the artist just want to sell the users I mean they want to don't maybe don't spend so much money And if he's a bit like long-tail there's been a case where somebody just wrote a function for I think it was a potato or something and The very the volume is like pretty variable. So it might not be the best trading for like a high volume Trading company and yeah, that's like different resources. We've been working on a extension which shows like MVV activity fishing activity and Yeah, time is over Here's the sources. Thank you so much thanks to Alan Burt Miller and So many more maybe I forgot some and you can find me on Twitter under film friends. Thank you so much