{"id":261284,"date":"2022-09-12T14:00:05","date_gmt":"2022-09-12T13:00:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=261284"},"modified":"2022-09-12T13:09:21","modified_gmt":"2022-09-12T12:09:21","slug":"pumping-parrots-nfts-sees-753-increase-in-sales-volume-with-pyramid-scheme-model","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/pumping-parrots-nfts-sees-753-increase-in-sales-volume-with-pyramid-scheme-model\/","title":{"rendered":"Pumping Parrots NFTs see 753% increase in sales volume with pyramid scheme model"},"content":{"rendered":"

Pumping Parrots \u00a0NFT collection is in the news due to its marketing strategy, which many have described as a pyramid scheme.<\/p>\n

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.<\/p>\n

\u201cThe rules are simple: Flip your NFT at 2X. If you buy at 0.1, sell at 0.2. If you buy at 0.3, sell at 0.6. If everybody sticks to the plan, we all profit! Let\u2019s make some ETH before the merge.\u201d<\/p><\/blockquote>\n

So far, the approach appears to be working for the NFT collection as its trading volume in the last 24 hours has increased by 753% to 467 sales, according to OpenSea data<\/a>.<\/p>\n

Its floor price spiked from 0.2 ETH<\/a> to 0.99 ETH during this period.<\/p>\n

Copycats in the market already<\/h2>\n

While several stakeholders are critical of the collection's strategy, its relative success is already inspiring copycat NFT collections.<\/p>\n

\n

Gotta love a good Pyramid Scheme that's at least explicit about it. pic.twitter.com\/Q9VtYNlhKe<\/a><\/p>\n

— NFTStatistics.eth (@punk9059) September 11, 2022<\/a><\/p><\/blockquote>\n