People are willingly investing in this NFT ponzi

"The rules are simple... sell it double what you bought it for."
People are willingly investing in an NFT ponzi pumping parrots

With over 180 ETH or $300k volume in the last 24 hours, investors are jumping in on the so-called ponzi pump-and-dump NFT project Pumping Parrots.

Typically pump-and-dump projects go through the effort of hiding that they’re a ponzi. But in this case, being a ponzi is the selling point. 

os pp
Pumping Parrots: Source OpenSea

“We all want to make money and this is your chance to do just that… The rules are simple: Flip your NFT at 2X,” says the official Pumping Parrots website

The 1100 pixelated parrots were quick to sell out, and the floor price followed true to the name, selling at an average price of 0.25 ETH. 

The floor price sits at 0.81 ETH at the time of writing. 

However, the volume has seemed to slow down – the last sale being from 3 hours ago.

PP OS Volume
Collection volume: Source OpenSea

“We’ve noticed that the Ethereum NFT market was pretty dead lately, so we decided to gather the troops of the #PumpArmy to revive this market and make it fun again,” tweeted the official account. 

According to their roadmap, the collection art will be revealed at 1 ETH, along with the chance to win 50 ETH when the floor price reaches 5 ETH.

Pumping Parrot road map
Pumping Parrots road map

It definitely goes to show that investors are willing to put their money into almost anything that promises returns. But, unfortunately, someone is bound to be left holding the bag. 

DYOR!

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About the Author
Liam Peak
Liam Peak
Liam is the founder and head editor at Coinmash. Occasionally he'll share a thought or two, and cover some breaking news surrounding Web3.