- Milady’s NFTs witnessed a sudden rise in their floor price after a tweet by Elon Musk.
- The tweet was a direct reference to the iconic character of Milady Maker’s collection.
Milady Maker’s NFTs saw a spike as high as 90% in their floor price on May 10. The significant increase was seen shortly after the American business mogul Elon Musk reportedly tweeted a meme that used the imagery from the collection of Milady’s NFTs (non-fungible tokens). The floor price went from 3.8 ETH to 7.29 ETH before falling to a circle of about 5.6 ETH.
Elon Musk’s Tweet About Milady
On May 10, Milady Maker NFT collection floor price witnessed a sudden huge soar shortly after Twitter and Tesla CEO Elon Musk tweeted a meme created using the popular imagery embedded in their Non-Fungible Tokens. Although it didn’t have any mentions of Milady or ‘NFT’ at all, the tweet contained the instantly recognizable avatar of the Milady NFTs. This was seen as another one among many quirky tweets by the business magnate related to embracing crypto assets in the past. It had more than 4 million views and drew tens of thousands of engagements in an hour.
Milady instantly shot to the top trending spot on OpenSea, the largest NFT marketplace platform. The floor price of the collection hit an all-time high of 7.29 ETH from 3.8 ETH (more than a 90% increase), for a brief period in just about 2.5 hours (approx. $13,700).
In a couple of hours, it settled down to circling about 5.6 ETH, representing an overall increase of 59%.. Also, according to OpenSea data, over 600 NFTs were sold in an hour of the tweet, amounting to a volume of about 3700 ETH (approx. $6.9 million).
Contraindications of the Growing Celebrity Influence on the Crypto Market
Milady Maker is a collection of more than 10,000 profile pic (PFP) NFTs created by the digital arts collective decentralized autonomous organization (DAO) Remilia in 2021. It is based on the Ethereum blockchain and features anime-based wide-eyed child-like faces. According to OpenSea, the NFT collection has had approximately 2,364 sales to date and a total trade volume of 43,247 ETH.
The name ‘Milady’ comes from the French form of the English expression “My Lady” meant to address noblewomen but is now used on internet forums as satirical connotations about overzealously chivalrous so-called nice guys.
Notably, Milady has been a part of controversy in the past. In May 2022, news surfaced over the internet that the Milady founder/creator Charlotte Fang was involved in various racist and abusive fringe ideologies taking rounds on the anonymous imageboard site 4Chan and via a pseudonymous Twitter account.
As a result, Milady prices dropped to 50%. Charlotte Fang confirmed the news and issued a public apology via a tweet that said, “trolling about it was juvenile but in reality I’ve never harmed a fly,”. As a result, stepped down as the CEO and then from the team Milady Maker.
Elon Musk’s tweets have once again caused a significant impact on the crypto market, this time in the NFT ecosystem. Reports also suggest that this wasn’t the first time he tweeted about Milady NFT and that he had earlier remarked in his tweets that alluded specifically to Milady. It is also noteworthy that Musk is currently facing a $258 billion lawsuit for manipulating the prices of Dogecoin, caused by his tweets in the past.
Su Zhu, the co-founder of Three Arrows Capital, a now-bankrupt Singaporean hedge fund, is among avid collectors of Miladys and is frequently accused of shilling the collection to his followers.
The surge in Milady NFT prices underlines a growing trend of high-profile individuals influencing the crypto market. A caution is warranted against investors getting drawn by these “celebrity influencer whims”. People should carefully navigate this space and invest based on the inherent value and principal asset’s potential instead of endorsement by famous people.
