X2Y2, a new non-fungible token (NFT) marketplace, has seen its token soar 225 percent after launching a ‘vampire attack’ airdrop to attract users from OpenSea.
Following technical difficulties with the drop, the community has had some negative reactions to the way it was handled.
On February 16, X2Y2 launched its Ethereum-based NFT trading platform aiming to rival leading NFT marketplace OpenSea. In also launching a vampire attack airdrop, users from OpenSea who had spent more on their collections were eligible for more rewards and were thus lured away from the top platform.
To be eligible for the drop, users needed to have listed their NFTs on the X2Y2 marketplace:
A vampire attack is a strategic move from new marketplaces to airdrop their coins to users after they complete a set of requirements that increase attraction to their platform.
Since its launch, the X2Y2 token pumped 225 percent but is now trading at lower than its launch price:
Troubles with the Airdrop Cause Delay
X2Y2’s launch went through a bumpy start after some technical problems with claiming tokens stopped the airdrop for a few hours:
During this time, users criticised the platform’s decision to pause the airdrop, which could have alleviated downward pressure on the X2Y2 price. One user commented: “You have fixed the problems but you don’t resume the airdrop right away? It’s not a good look to wait around for more people to buy in to increase the price before they get dumped on prior to resuming the claiming.”
The project planned to hand out 120 million tokens, but on the day of the launch only 7 percent had been claimed before the airdrop went offline, with users who had already claimed tokens allowed to stake at a massive APY:
X2Y2 is not the only upstart NFT platform launched to challenge OpenSea. Last month, in another example of a vampire attack, LooksRare pitched its LOOKS token to reward users of the platform and hopefully attract existing users from OpenSea.
Disclaimer:
The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.
Credit: Source link
