Taking part in crypto and NFT require you to know all the jargons used so you won’t miss out. One of these jargons is “Sweep the Floor” and its meaning is not as complicated as you think.
What does “Sweep Floor / Sweep The Floor” mean in NFT talk?
“Sweep the Floor” can be applied to both project owners and buyers. If project owners “sweep the floor,” it means they buy all their NFTs at their Floor Price. On the other hand, buyers who “sweep the floor” purchase either all of the available tokens or a large number of the project’s NFTs.
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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.
In relation to this term, we mentioned the term ‘Floor price.’ What a ‘floor price’ refers to is the lowest price an NFT can be purchased on the NFT marketplace.
When do users “sweep the floor”?
Floor sweeps are most of the time automated with the use of sniper bots. Furthermore, these sniper bots locate new NFTs with high potential and are in the process of minting.
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After the automated bots “sweep the floor” with new tokens, the buyer can then make a profit off of their newly-acquired assets by selling these NFTs at a higher floor price. This is similar to scalpers purchasing event tickets and reselling them with added value.
What are NFTs?
NFT is short for Non-Fungible Token. These are cryptographic tokens that are distinct, which means they cannot be copied or reproduced. Furthermore, NFTs make use of blockchains so they can exist. A blockchain is a shared and permanent ledger that tracks assets and records transactions in a wide network.
Although they are non-tangible (not physical objects), NFTs can be artwork, personal property, someone’s identity, and more. One of the benefits of NFTs is it creates new markets while offering simple ways to do carry out business with other people.
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