Non-Fungible Tokens (NFTs) are a popular topic in the digital world, and some NFT collections have made news for their sky-high prices. The Miladys NFT series is one of the most recent to make headlines, with its floor prices rising by 59% as a result of a tweet from Elon Musk. Charlotte Fang, who also developed the Remilia project, is the artist behind the collection of 9,823 original infantile faces known as Miladys. In NFT marketplaces like OpenSea, the NFTs can be purchased, sold, and transferred.
The Miladys NFT avatar was included in a meme that Elon Musk tweeted on May 11 with the comment, “There is no Meme, I Love You.” The collection’s floor pricing experienced a tremendous increase as a result of this tweet, reaching a record high of 7.3 ETH ($13,475). Elon Musk is renowned for having a substantial influence on the value of cryptocurrencies, such as DOGE and other memecoins. The Tesla CEO’s post set off a frenzy in the NFT community, which resulted in an overnight rise in Miladys’ popularity.
The floor prices for Milady’s NFT collection have, however, dropped from 7.3 ETH to 4.77 ETH as of the time of writing. The cryptocurrency market’s erratic behavior or the controversies surrounding the project’s founder may be to blame for this price drop. The Miladys project was divisive prior to the abrupt hike in floor costs. Miladys inventor Charlotte Fang doxxed himself in May 2022, claiming that he had been using a fictitious Twitter account to post offensive and racialized remarks, which infuriated the public.
After expressing regret to the public for the comments made on the anonymous account, Charlotte Fang immediately left the project team. Despite this, the debate concerning the person who created the idea has persisted. The fluctuating prices of the Miladys NFT collection demonstrate the erratic nature of the NFT market and the influence of extraneous factors, such as celebrity endorsements, on prices. It also emphasizes the significance of conducting thorough research before investing in any NFT project, as conflicts involving founders or projects can have a big impact on prices or even result in their failure.
The recent price surge and subsequent collapse of the Miladys NFT collection demonstrate the erratic nature of the cryptocurrency market and the influence of outside influences, such as celebrity endorsements. Additionally, it serves as a reminder of the value of conducting thorough research before investing in any NFT initiative.