Parrot NFT will be minting in late June or early July. Find out what benefits the NFT will give its holders and what the team is building behind closed doors.
Do you like free tools that can be helpful in your NFT journey? Check out what Parrot tools has to offer.
One of the tools is a Free Snipe Notification tool which notifies you when an NFT with a certain trait is listed for your desired price. The process is as simple as downloading the Chrome extension, visiting a collection on Magic Eden, selecting the trait and setting the price you wish to get it for.
The Snipe Notification tool doesn’t auto-buy the NFT, although the feature is in the pipeline and also will be included in the free package.
Another free tool Parrot offers is NFT collage generator. It’s not something that can be viewed as super useful, but if you want to make an image from multiple NFTs you have, you can do this with Parrot Solana NFT Collage Maker.
The free tools are fantastic, but the Parrot isn't only about that. The team positions its product as an NFT trading platform, and the flagship tool is called Parrot Copy Trading.
The feature will allow anyone to follow profitable Solana NFT traders based on their historical trading profits and their short or long-term investment goals. Traders sign up, Parrot auto analyzes their history, assigns them a certain style (i.e., degen day trader or diamond hand hodl'er), and displays their financial metrics for users to decide if they would like to subscribe to their trades.
As the platform grows, Parrot will seek to incorporate additional premium features such as auto-buy, which will execute the trades without your intervention.
Why would traders join the platform, you may ask? That is the best part! Traders can earn income from the subscription fees. So, if you want to follow a certain trader, you will have to pay from 0.1 to 2 SOL a month. I believe those who are good at trading can generate a reasonable amount of money. The platform would be taking a 30% fee from all subscriptions. This would let them generate 31,500 SOL a month if they can onboard 100,000 investors for an average subscription fee of 1.05 SOL.
NFTs drawn by an artist who specializes in abstract cartoonism will be dropped late June or early July.
The goal of the collection is to fund the development. In return, holders will get those benefits:
- Early Access to the Parrot platform
- Free Subscriptions to Set # of Traders
- Free Access to Premium Features
- Early Access to all new features
- Early Access to new products
- Potential Profit Share (TBD)
Beta Launch of Parrot Trading Platform is scheduled for Q3, 2022 but holders will get to see and use other parts of the platform soon after the mint:
- Profile dashboard will allow you to get a clean view of your NFT portfolio, including YTD profit, how each collection performs, the estimated value of specific NFTs based on traits and historical selling prices and more.
- The analyzer will crunch all the numbers for you of every NFT you've minted/bought and sold to figure out what type of trader you are and provide you with data related to that in case you want to make adjustments to your trading strategy. For example, it could tell you that your quick flips are generating 30% profit while your long holds are only generating about 10% profit - so maybe you shift your portfolio to focus on degen day trading.
These tools will later be available to non-holders.
Parrot is built by people who have been developing tech products for 10 years each. They built and scaled a startup to millions of users. Although looks credible, the team is not doxxed. We only have their social names.
The concept is simple but can be really powerful. New people are entering the Solan NFT world every day, and following experienced NFT investors can be a game changer for a clueless newbie. It is good as people who do not lose money will be more likely to stay in the ecosystem.
I can see a problem, though. What if 1000 people follow a trader and 20% blindly buy everything that trader buys? This would generate 200 sales for an NFT collection a trader decided to invest in. It would make the floor price skyrocket immediately and bring intense volatility distorting the lows of a free market. Plus, the power can be abused because anything a trader buys would go to the moon, generating trading volume. I can see those traders getting a lot of DMs from NFT collections with shady offers. Anyway, it’s definitely interesting to see how this concept will play out.
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Nothing in this article is financial advice!
DEXterlab is not affiliated with Parrot tools in any way.