Pumping NFTs parrots see a 753% increase in sales volume with a pyramid scheme model

Pumping NFTs parrots see a 753% increase in sales volume with a pyramid scheme model


Xegex

Pumping Parrots NFT Group is making the news due to its marketing strategy, which many have described as a pyramid scheme.

Unlike most NFT groups that market their services, Pumping Parrots is marketing itself as a pumping and dumping opportunity for fundraisers to make money before merging.

“The rules are simple: Flip the NFT 2X. If you buy at 0.1, sell at 0.2. If you buy at 0.3, sell at 0.6. If everyone sticks to the plan, we all win! Let’s make some ETH before merging.”

So far, the approach appears to be working with the NFT group as its trading volume in the past 24 hours has increased 753% to 467 sales, according to OpenSea. data.

The minimum price increased from 0.2 ETH to 0.99 ETH during this period.

Imitators are already on the market

While many stakeholders criticize the group’s strategy, its relative success is already inspiring fake NFT groups.

another group, Pumping Slimes, use 2x similar playbook It billed itself as the second largest pump in the NFT space.

Upon its launch on September 12, the set’s lowest price rose to 0.0123 ETH with a volume of 9.5 ETH holders and 776. However, its lowest price Projection to 0.032 ETH as of the time of publication.

Is the NFT market dead?

It appears that interest in NFTs has waned as the year has progressed. OpenSea trading volume decreased by 99% between May and August 2022.

according to DappRadarThe NFT market had a trading volume of $405 million as of May 1, but had fallen below $5 million at the end of August.

Meanwhile, its trading volume Has risen to over $10 million USD, with over 37,000 traders in the last 24 hours.

CryptoSlam data show up NFT blue chip group Bored Ape had fewer than 300 unique buyers in August — its lowest level this year.

However, despite the numbers dropping, institutional investors are still drawn to the space. Starbucks plans To launch an NFT loyalty program, while other major brands such as Gucci, M&M, FIFA and Tiffany have plans that include NFT.

Besides, new NFT groups such as Solana-based y00ts have attracted the attention of celebrities such as retired football legend Wayne Rooney, former basketball star Allen Iverson and rapper. Lil Baby.





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