How do NFT rugpulls work in theory

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Doesn’t work like that. NFT’s need to sell out for the owner to profit- because virtually no one wants to mint NFT’s anymore and because all the speculation is gone there’s a really low likelihood of that happening. And generating enough hype for even a portion to sell will require capital, spending money on listing (OS front page etc), socials, staff for the shill. But this isn’t 2021 and you’re 5 years too late to the party. If you want to rug-pull just release a shitcoin.