Elon Musk, the CEO of SpaceX and Twitter, is renowned for his ability to sway the crypto market. Recently, Musk’s tweet featuring a Milady NFT caused a surge in demand for these anime-style profile pictures (PFPs), affirming his status as a crypto influencer.
The Musk Factor
Musk’s tweet, “There is no meme. I love you“, went viral and garnered over four million views within an hour. The ripple effect was immediate, causing the base price for Milady NFTs to skyrocket from 3.75 ETH ($6,920) to 5.25 ETH ($9,700), a 57% increase in just 24 hours. This surge underscores the power of celebrity endorsements in the volatile crypto market.
— Elon Musk (@elonmusk) May 10, 2023
Sales Boost
OpenSea, a major NFT marketplace, reported a significant increase in sales for the Milady collection. In the hour following Musk’s tweet, over 600 NFTs from the collection sold, netting approximately 3,700 ETH, or over $6.9 million. With such a notable increase in sales, it is evident that the influence of prominent individuals extends beyond traditional markets and into the digital realm.
Navigating Controversy
The Milady Maker project has been embroiled in controversy. Prices plummeted last May after creator Charlotte Fang admitted to operating a pseudonymous Twitter account that had shared offensive posts, leading her to step down from the team. Despite this, Milady NFTs have recently found popularity as a “wartime” meme among NFT traders and crypto industry professionals, particularly amid increasing scrutiny on cryptocurrency from the SEC.
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A Glimpse into the Future
The surge in Milady NFT prices highlights the immense influence of figures like Musk on NFT market trends. It showcases the intricate and unpredictable interplay between pop culture, social media trends, and crypto markets. As we observe these fascinating interactions, it provokes curiosity about the future of the NFT world and the potential of digital assets. It also raises questions about the ever-expanding influence of high-profile individuals in these emerging markets.
