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Pumping Parrots’ NFT collection is in the news for its marketing strategy, which many describe as a pyramid scheme.
Unlike most NFT collections that sell utilities, Pumping Parrots is marketed as a pump-and-dump opportunity for collectors to make money before the merger.
The rules are simple: Flip an NFT for 2X. Buy at 0.1, sell at 0.2. Buy at 0.3, sell at 0.6. If everyone sticks to the plan, everyone will benefit! ETH before merger. Let’s make a
So far, this approach seems to be working for the NFT collection, as trading volume increased by 753% to 467 sales in the last 24 hours, according to OpenSea. data.
During this period, the minimum price jumped from 0.2 ETH to 0.99 ETH.
Some officials have been critical of the collection’s strategy, but its relative success has already inspired an NFT collection of counterfeits.
At least I love a good pyramid scheme that clearly states about it. pic.twitter.com/Q9VtYNlhKe
NFTStatistics.eth (@punk9059) September 11, 2022
another collection, Pumping Slimes Adopts Similar 2x Flipping Playbook It claims to be the second largest pump in the NFT space.
At launch on September 12th, the minimum price of the collection rose to 0.0123 ETH, with a volume of 9.5 ETH and 776 owners.However, its minimum price is Dropped Up to 0.032 ETH at the time of writing.
Interest in NFTs seemed to decline as the years progressed. OpenSea’s trading volume fell by he 99% between May and August 2022.
according to Dapp RadarNFT marketplace trading volume was $405 million as of May 1, but fell to less than $5 million at the end of August.
On the other hand, its trading volume is Rose In the last 24 hours, over 37,000 traders have participated and raised over $10 million.
CryptoSlam data Indicated Its prime NFT collection, Bored Ape, had less than 300 unique buyers in August, the lowest of the year.
However, despite declining numbers, institutional investors are still attracted to the sector.Starbucks schedule While launching NFT loyalty programs, other top brands such as Gucci, M&M, FIFA and Tiffany & Co. have plans to include NFT.
Additionally, new NFT collections like the Solana-based y00ts have attracted the attention of celebrities such as retired football legend Wayne Rooney, former basketball star Allen Iverson and rappers. lil baby.
