Quick Summary
- Pit Crew is a dog-themed collection of 4,444 NFTs based on the Solana blockchain. The biggest utility of this project is a weekly raffle, where holders of these NFTs earn passive income.
There has been an enormous hype around non-fungible tokens (NFTs) in 2021, mainly around Ethereum-based NFTs. However, Solana-based NFTs are slowly but surely surging in popularity due to much lower fees (99% less), faster transactions, and a bigger ecosystem built around Solana. Pit Crew is one of the latest NFT projects to enter the world by the end of 2021.
What is this project and how is it performing?
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What is Pit Crew
It’s very fair to say that Pit Crew is one of the most honest NFT projects out there! This project is not afraid to spill out the truth. They’re not so focused on the art itself, claiming the main focus of the Pit Crew is their weekly Solana raffle.
There are 4,444 programmatically generated dog-themed NFTs that people can currently trade on the Solana (SOL) marketplace, called Magiceden. The whole collection has a total trading volume of more than 1,000 SOL, which is more than $1 million and the present floor price for 1 Pit Crew NFT is 0.25 SOL.
The Weekly Raffle
Each NFT is like a never-ending Powerball ticket. Pit Crews NFTs will be bought and sold with SOL on the Solana blockchain. Every Friday, 15% of every sale goes into a raffle pool, which is won by NFT holders. You are immediately entered into the drawing if you hold a Pit.
One Pit will receive 50% of the pool (grand prize) while the remaining 50 Pits will receive 1% of the pool. This means that every week, each Pit has a 1/87 chance of winning. Once purchased, you will be placed into a weekly drawing. If you win, $SOL will be transferred to your wallet immediately.
Background Story
Mike and Tom Harri, cousins from northern Michigan who now call Puerto Rico their home, launched Pit Crew together. They didn’t attend an Ivy League university and never received millions in VC funding. They haven’t given any public appearances, and Forbes hasn’t covered them. Their backgrounds included forex, ecommerce, and digital marketing before falling into the NFT rabbit hole.
Mike and Tom relocated to Puerto Rico in search of fresh Pina Coladas, fewer taxes, and the company of successful entrepreneurs and cryptocurrency experts. On their educational channel, blokstreet, they offer their NFT expertise. They find typing in the third person strange.
Conclusion
While many projects focus on fake hype and great art, Pit Crew is a simple NFT project based on their dog, Marlow. Their goal is to offer a weekly raffle for all Pit NFT Holders and thus earn passive income, which may be the best long-term utility amongst all projects.
Follow Pit Crew: Website | Twitter | Discord | Magiceden |
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sources: pitcrewnft, twitter
author: Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
