The NFT community was abuzz with excitement when Elon Musk tweeted a meme featuring the easily recognizable character from the Milady NFT collection, accompanied by the words “There is no meme, I love you.” This endorsement from Musk worked wonders for the digital collectible, as its entry-level price on crypto markets shot up from 3.75 ETH ($6,920) to 5.70 ETH ($10,371) in a short time. Sales of Milady NFTs also increased by a staggering 500% over the previous twenty-four hours.
However, this is not the first time Musk has influenced digital asset prices through his Twitter presence. Earlier, he caused a rally in Dogecoin’s price when he updated Twitter’s official logo to feature the popular canine meme depicting a Shiba Inu dog.
The recent price surge has pulled the Milady NFT collection into the limelight once again, stirring up memories of its controversial past. Just last year, the collection faced a significant price drop when its inventor, Charlotte Fang, admitted to running a pseudonymous Twitter account that sent out racist and abusive messages. She eventually stepped down from the team due to the negative impact of her actions on the Milady community.
Miladys, a type of profile-pic (PFP) NFT, consists of around 9,823 NFTs displaying faces resembling young children with anime-styled wide eyes. While the Elon Musk tweet has clearly benefited the collection in terms of market value, it remains to be seen whether the controversy-ridden past of the Milady NFTs will hamper its growth in the future.
As the NFT trade continues to evolve, controversies like these are bound to emerge. However, the community must remain vigilant and not let such incidents tarnish the overall perception of the powerful disruptive technology that non-fungible tokens represent.
Investors, in particular, should be cautious when investing in NFTs and thoroughly research every aspect of the project before making a decision. While Musk’s tweet might bring short-term gains for the Milady NFT collection, its long-term success would depend on the project’s fundamentals and its ability to overcome its checkered past.
In conclusion, the recent surge in prices of Milady NFTs has again demonstrated the power that influential figures like Elon Musk wield in the world of crypto and digital assets. It is essential, however, for individuals to not blindly follow such endorsements and carry out their own research to make informed and responsible investment decisions. The future of blockchain technology, markets, and safety relies on the combined efforts of the community to maintain a healthy and ethical investment landscape.
Source: Coingape
