Elon Musk is a well-known crypto market influencer or, as some prefer to call him, a market operator. Musk is well-known in the crypto community as a DOGE advocate. However, his focus appears to have turned to an NFT.  In an unexpected action, the billionaire entrepreneur published a photo of a Milady NFT on his Twitter account, forcing the floor price on the popular NFT marketplace, OpenSea, to rise.

Elon Musk’s Tweet causes Spike in Milady NFTs, But Will It Last?

Key Highlight

  • Elon Musk recently tweeted about the Milady meme, and Milady NFT sales quickly increased.
  • Milady NFT sales soared by 500% in the previous 24 hours, according to NFT Price Floor.
  • The Milady collection has sparked debate owing to conspiracy theories and obscenities published by Remilia’s designer and the project.

Elon Musk’s fascinated by Milady NFTs

Musk posted an image of a “milady” NFT, a digital artwork showing a medieval-style depiction of a woman that soon became one of the market’s most sought-after NFTs. The tweet caused the NFT’s floor price to skyrocket, increasing by over 50% in a couple of hours.

Elon Musk, the CEO of Twitter, pleased Milady’s followers by tweeting a meme with an easily recognisable image of one of the avatar NFTs and the words “There is no meme, I love you.”

The rise of interest in the “milady” NFT demonstrates the rising appeal of digital art and collectibles, as well as the tremendous effect that high-profile persons like Elon Musk may have on the market. While some in the NFT community may see Musk’s tweet as a positive development, others warn that centred too heavily on the impulses of influential people, arguing that the worth of NFTs should be determined by the fact that they have artistic or cultural significance instead of the approval of notable people.

Miladys NFTs have also become a “wartime” meme among certain NFT traders and cryptocurrency industry experts, who have utilised the Milady Maker artwork on social media in reaction to the SEC’s increased scrutiny of cryptocurrencies.

Upsurge in Milady NFTs

Milady, created by the digital arts organisation Remilia in 2021, is a collection of 10,000 anime profile photo NFTs “inspired by street style tribes.” Charlotte Fang, an artist, developed the Remilia decentralised autonomous organisation (DAO) and collaborated on the series’ design.

The moniker “Milady” is a play on the phrase “my lady,” which was formerly a respectful way of addressing noblewomen but has now taken on humorous undertones regarding overdone chivalry and “nice guys” on online forums. Elon Musk mentioned the Milady NFT four years before the Milady NFT tweet, adding “my shield is yours.”

The collection rapidly rose to the top trending position on the NFT marketplace OpenSea, with the floor price briefly reaching a record high of 7.3 ETH (roughly $13,700) before sliding down to 5.6 ETH at the time of publication. Over the last week, the collection’s floor price has risen by 59%.

Following Musk’s promotion, the floor price for the anime profile image collection reached a high of 7.8 ETH.

About Zeynep Geylan

Writer @CryptoSlate | @BilkentUniv alumni | Crypto-savvy social sciences graduate.

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