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- 1 After Musk’s promotion of anime, the PFP collection hit a high.
- 2 Musk’s Tweet was watched more than 32 million times.
After gaining notice from Twitter owner Elon Musk, Milady’s non-fungible token (NFT) collection increased, bringing comparisons to Musk’s handling of dogecoin (DOGE).
The Elon Musk Effect
American entrepreneur Elon Musk created a meme on May 10 using photographs from the Milady nonfungible tokens (NFT) collection. Soon after, the Milady NFTs floor price increased from 3.8 Ether to as far as 7.3 ETH before dropping to 5.69 ETH.
Milady is an album of 10,000 anime profile pictures NFTs that was created in 2021 by the digital arts company Remilia and is “inspired by street style tribes.” Remilia is a series created by artist Charlotte Fang, who also invented the decentralized autonomous organization (DAO).
Musk tweeted a meme from the Milady Maker’s NFT community, which has since been watched more than 32 million times. Nobody knew that Musk was arranging a rocket launch this week, but that’s precisely what occurred. This week, sales of Milady NFTs reached a record high of US$217 million as they propelled the rest of the market along with them.
What is Milady
The term “Milady” is a play on the phrase “my lady,” which originally denoted a noblewoman in a courteous manner but has now come to refer to “nice guys” and overdone gallantry in online forums. Elon Musk made a reference to the moniker four years before the Milady NFT tweet, adding, “My shield is yours.”
Milady is a profile-pic (PFP) NFT that comprises of 9,823 pictures of faces with wide-eyed, innocent expressions. Charlotte Fang, also known as Charlie Fang, the project’s originator, has come under fire for disseminating conspiracy theories and offensive statements despite the collection’s innocent appearance.
After debates, the floor price of Milady NFTs decreased by more than 50% in May 2022. Milady has maintained its appeal throughout Web 3 communities despite controversy. Su Zhu, co-founder of the bankrupt Singaporean hedge firm Three Arrows Capital, is an ardent Milady collector and routinely promotes the collection to his followers in addition to being supported by Elon Musk. The collection has had a total volume traded on OpenSea of 39,659 ETH as of right now.
Because Binance added Bitcoin NFTs into its marketplace, Ordinals now have a new channel to promote to the general public without having to be tech-savvy. NFTs on the OG blockchain were booming, and BRC-20s, a new variant of Ordinal, were gaining favor. BRC-20s are the meme currencies of Ethereum for Bitcoin, but they also function fundamentally in a similar way to an NFT collection. In a subsequent issue of On Deck, we’ll provide a technical examination of these new Bitcoin Ordinals.
This week saw two developments related to the Pudgy Penguins initiative, which strengthened their heartwarming tale. They first revealed a new collaboration with the WME talent agency, which puts them closer to television, video games, and other forms of popular entertainment. The cute team then announced that they had secured US$9 million in startup capital as a response. Not bad for a project that was on the verge of failure prior to being acquired by marketing guru Luca Schnetzler.
Although it’s doubtful that the Pudgy Penguins’ NFT sales had much of an influence on the market, the good news arriving during a bear market was a pleasant respite and served as a brief reminder to everyone that there is actual growth taking place in this country.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
