Sweeping The Floor
Definition of sweeping the floor
To sweep the floor is to purchase (all) NFTs from a set at the floor price. This is often done by investors who believe in a project and wish to purchase additional NFTs from a set while also helping to raise the floor price (because, if they and others buy up the lowest-price NFTs the floor price naturally rises, which can positively impact the perception of value the set has).
Sweeping The Floor used in a sentence
The price pf this NFT wont go below 3500 XRP, some whale continuously sweeps the floor.’’
‘’Sweeping the floor is a form of price manipulation, it makes people believe that the NFT has a lot of value, while in reality the price gets artificially inflated. But people see this price appreciation and it becomes a self fulfilling prophecy, the price continues to soar!’’
History/information/research of Sweeping The Floor
“Sweeping the Floor” can be applied to both community members and project owners. If the project owners “sweep the floor,” it means that they buy all NFTs at their Floor Price. On the other hand, when community members come together to “sweep the floor” they purchase either all of the available tokens or a large number of the project’s NFTs.
Once there is a Floor Sweep, it means the tokens are bought in bulk. Additionally, buyers choose to “sweep the floor” because of the token gaining momentum or a spike in its value.