Milady Spikes Similar to Dogecoin After Elon Musk’s Tweet
After receiving notice from Twitter owner Elon Musk, Milady’s collection of non-fungible tokens (NFT) increased, prompting 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 his Milady nonfungible tokens (NFT) collection. Soon after, Milady NFT’s base price increased from 3.8 Ether to as high as 7.3 ETH before falling to 5.69 ETH.
Milady is an album of 10,000 anime profile picture NFTs created in 2021 by digital art 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 Milady Maker’s NFT community, which has since been viewed more than 32 million times. No one knew Musk was planning a rocket launch this week, but that’s exactly what happened. This week, sales of Milady NFTs hit a record high of $217 million as they drove 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 polite manner, but has now come to refer to “nice boys” and excessive bravery in online forums. Elon Musk referenced the name four years before the Milady NFT tweet, adding: “My shield is yours.”
Milady is a profile picture (PFP) NFT consisting of 9,823 images of faces with wide-eyed, innocent expressions. Charlotte Fang, also known as Charlie Fang, the project’s originator, has been criticized for spreading conspiracy theories and offensive statements despite the collection’s innocent appearance.
After debates, the floor price of Milady NFTs fell by more than 50% in May 2022. Milady has maintained its appeal through the Web 3 community despite controversies. Su Zhu, co-founder of bankrupt Singaporean hedge firm Three Arrows Capital, is an avid Milady collector and routinely promotes the collection to her followers as well as being endorsed by Elon Musk. The collection has had a total traded volume on OpenSea of 39,659 ETH as of now.
Because Binance added Bitcoin NFTs to its marketplace, Ordinals now have a new channel to market to the general public without having to be tech savvy. NFTs on the OG blockchain flourished, and BRC-20s, a new variant of Ordinal, became well known. BRC-20s are the meme currencies of Ethereum for Bitcoin, but they also function fundamentally the same way as an NFT collection. In a subsequent edition of On Deck, we will provide a technical examination of these new Bitcoin Ordinals.
This week saw two developments related to the Pudgy Penguins initiative, reinforcing their heartwarming story. They first revealed a new partnership with 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 $9 million in seed capital in response. Not bad for a project that was on the brink of failure before it was acquired by marketing guru Luca Schnetzler.
While it is doubtful that Pudgy Penguin’s NFT sale had much impact on the market, the good news that came during a bear market was a welcome respite and served as a brief reminder to everyone that there is actual growth taking place in this country.
