Elon Musk sparks frenzy with latest tweet about Milady NFT – Cryptopolitan
Elon Musk is a notorious crypto market influencer or, as some would call it, a market manipulator. Musk has been known in the crypto community as a DOGE ardent supporter. However, his interest seems to have shifted to an NFT. In a surprise move, the billionaire entrepreneur has tweeted a picture of a Milady NFT on his Twitter account, causing a spike in the floor price on the popular NFT marketplace, OpenSea.
Elon Musk gets another NFT obsession
Wednesday, Twitter boss Elon Musk delighted fans of the counterculture non-fungible token (NFT) collection Miladys by sharing a meme with the instantly recognizable image of one of the avatar NFTs and the words “It’s not a meme, I love you.”
The collection quickly rose to the top trending position on NFT marketplace OpenSea, with the floor price instantly hitting an all-time high of 7.3 ETH (about $13,700) before falling back to 5.6 ETH at press time. The collection’s floor price has increased by 59% in the last week.
According to data from NFT Price Floor, the entry-level price of the collection on secondary markets quickly jumped from 3.75 ETH ($6,920) to 5.25 ETH ($9,700), resulting in a 57% increase in 24 hours. The increase is reminiscent of the earlier effect of Elon Musk’s comments on the price of the meme coin Dogecoin.
NFT marketplace OpenSea reports a market-wide surge in sales, with over 600 NFTs sold in the last hour for a total of approx. 3,700 ETH, or over $6.9 million. It is by far the most popular product in this period.
Miladys consists of 9,823 profile picture (PFP) NFTS with wide-eyed, childlike features. Despite its innocent images, the collection has been the subject of controversy due to conspiracy theories and gossip shared by the creator of Remilia and the project, also known as Charlotte Fang, Charlie Fang or Charlemagne. The CEO of Remilia acknowledged that he was behind an offensive Twitter account and other offensive posts, and he subsequently left the project.
Milady’s NFTs have also become a “wartime” meme among some NFT traders and crypto industry professionals, who have used the Milady Maker artwork on social media in response to the SEC’s intensifying scrutiny of cryptocurrencies.
The Milady meme isn’t the first time Elon Musk has used Twitter to cause a cryptocurrency price spike. Dogecoin’s value skyrocketed last month after Musk changed the platform’s logo to the famous Shiba Inu dog meme.
On Wednesday, other projects from Remilia Creative, the artist collective behind Milady NFT, were also on the move. Redacted Remilio Babies’ NFT sales, for example, have increased by 660% in the last 24 hours.
While some critics have expressed skepticism about the ephemeral nature of NFTs and their speculative nature, others argue that they represent a new form of art and a way for creators to monetize their work in a digital age.
As the hype surrounding NFTs continues to grow, it remains to be seen whether Milady NFTs and other digital assets will retain their value in the long term or whether they will eventually succumb to the whims of the market. One thing is for sure though – the NFT world is here to stay, and Elon Musk’s latest tweet has only added fuel to the fire.
