Pumping Parrots NFT assortment is within the information because of its advertising and marketing technique, which many have described as a pyramid scheme.
In contrast to most NFT collections that market their utilities, Pumping Parrots markets itself as a pump-and-dump alternative for collectors to make cash earlier than the merge.
“The foundations are easy: Flip your NFT at 2X. For those who purchase at 0.1, promote at 0.2. For those who purchase at 0.3, promote at 0.6. If everyone sticks to the plan, all of us revenue! Let’s make some ETH earlier than the merge.”
To date, the method seems to be working for the NFT assortment as its buying and selling quantity within the final 24 hours has elevated by 753% to 467 gross sales, in accordance with OpenSea information.
Its flooring value spiked from 0.2 ETH to 0.99 ETH throughout this era.
Copycats available in the market already
Whereas a number of stakeholders are crucial of the gathering’s technique, its relative success is already inspiring copycat NFT collections.
Gotta love Pyramid Scheme that is not less than specific about it. pic.twitter.com/Q9VtYNlhKe
— NFTStatistics.eth (@punk9059) September 11, 2022
One other assortment, Pumping Slimes, employed an identical 2x flipping playbook and described itself because the second largest pump within the NFT house.
At its launch on Sept. 12, the gathering’s flooring value rose to 0.0123 ETH with a quantity of 9.5 ETH and 776 holders. Nevertheless, its flooring value has dropped to 0.032 ETH as of press time.
Is the NFT market lifeless?
Curiosity in NFTs appeared to have tanked because the yr progressed. OpenSea’s buying and selling quantity dropped by 99% between Might and August 2022.
In response to DappRadar, the NFT market had a buying and selling quantity of $405 million as of Might 1 however dropped to lower than $5 million in the direction of the tip of August.
In the meantime, its buying and selling quantity has risen to above $10 million, with over 37,000 merchants within the final 24 hours.
CryptoSlam information confirmed that blue-chip NFT assortment Bored Ape had lower than 300 distinctive patrons in August — the bottom this yr.
Nevertheless, regardless of the declining numbers, institutional buyers stay drawn to the house. Starbucks plans to launch an NFT loyalty program, whereas different high manufacturers Like Gucci, M&M, FIFA, and Tiffany have plans involving NFT.
In addition to, new NFT collections like Solana-based y00ts have drawn curiosity from celebrities like retired soccer legend Wayne Rooney, former basketball star Allen Iverson, and rapper Lil Child.
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