Pumping Parrots NFTs see 753% increase in sales volume with pyramid scheme model
Pumping Parrots NFT collection is in the news due to its marketing strategy, which many have described as a pyramid scheme. Unlike most NFT collections that market their utilities, Pumping Parrots markets itself as a pump-and-dump opportunity for collectors to make money before the merge.
While several stakeholders are critical of the collection’s strategy, its relative success is already inspiring copycat NFT collections. Another collection, Pumping Slimes, employed a similar 2x flipping playbook and described itself as the second biggest pump in the NFT space. At its launch on Sept. 12, the collection’s floor price rose to 0.0123 ETH with a volume of 9.5 ETH and 776 holders. However, its floor price has dropped to 0.032 ETH as of press time.
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