2 years ago
Pumping Parrots NFT postulation is successful the quality owed to its selling strategy, which galore person described arsenic a pyramid scheme.
Unlike astir NFT collections that marketplace their utilities, Pumping Parrots markets itself arsenic a pump-and-dump accidental for collectors to marque wealth earlier the merge.
“The rules are simple: Flip your NFT astatine 2X. If you bargain astatine 0.1, merchantability astatine 0.2. If you bargain astatine 0.3, merchantability astatine 0.6. If everybody sticks to the plan, we each profit! Let’s marque immoderate ETH earlier the merge.”
So far, the attack appears to beryllium moving for the NFT postulation arsenic its trading measurement successful the past 24 hours has accrued by 753% to 467 sales, according to OpenSea data.
Its level terms spiked from 0.2 ETH to 0.99 ETH during this period.
Copycats successful the marketplace already
While respective stakeholders are captious of the collection’s strategy, its comparative occurrence is already inspiring copycat NFT collections.
Gotta emotion a bully Pyramid Scheme that's astatine slightest explicit astir it. pic.twitter.com/Q9VtYNlhKe
— NFTStatistics.eth (@punk9059) September 11, 2022
Another collection, Pumping Slimes, employed a akin 2x flipping playbook and described itself arsenic the 2nd biggest pump successful the NFT space.
At its motorboat connected Sept. 12, the collection’s level terms roseate to 0.0123 ETH with a measurement of 9.5 ETH and 776 holders. However, its level terms has dropped to 0.032 ETH arsenic of property time.
Is the NFT marketplace dead?
Interest successful NFTs appeared to person tanked arsenic the twelvemonth progressed. OpenSea’s trading measurement dropped by 99% betwixt May and August 2022.
According to DappRadar, the NFT marketplace had a trading measurement of $405 cardinal arsenic of May 1 but dropped to little than $5 cardinal towards the extremity of August.
Meanwhile, its trading measurement has risen to supra $10 million, with implicit 37,000 traders successful the past 24 hours.
CryptoSlam information showed that blue-chip NFT postulation Bored Ape had little than 300 unsocial buyers successful August — the lowest this year.
However, contempt the declining numbers, organization investors stay drawn to the space. Starbucks plans to motorboat an NFT loyalty program, portion different apical brands Like Gucci, M&M, FIFA, and Tiffany person plans involving NFT.
Besides, caller NFT collections similar Solana-based y00ts person drawn involvement from celebrities similar retired shot fable Wayne Rooney, erstwhile hoops prima Allen Iverson, and rapper Lil Baby.
The station Pumping Parrots NFTs spot 753% summation successful income measurement with pyramid strategy model appeared archetypal connected CryptoSlate.
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