NFT Glossary Deep Dive: Sweep The Floor

NFT Glossary Deep Dive: Sweep The Floor

Ellen Britt for CNT #NFT

Even if you hate to clean your house and dread sweeping the floor, you will definitely want to know how buyers and sellers use this broom to their advantage! Sweeping the floor means to purchase, in the secondary market, a large number of the lowest priced NFTs in a collection.

And if you are confused about the term “floor” you can find a more in-depth discussion of the term right here.

The Two Types Of Floor Sweepers

There are two types of people who routinely sweep the floor: project owners and buyers.

When project owners sweep the floor, the project is buying all of their NFTs at the floor price that is currently in effect. You can think of this in the corporate world as a comparison to a stock buyback.

When buyers sweep the floor, it’s usually because they have become aware of project news or something that is propelling momentum.

By Ellen Britt

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