One company is taking the world by storm with their new decentralized autonomous organization. IreneDAO, a blockchain-based platform that allows anyone to sell and buy virtual assets using cryptocurrency, has been pulling in more than $500K worth of ETH every week for its first month on the market.
IreneDAO is a project that has been created to allow people to mint their own NFTs. The project will be using the OPensea platform, which allows users to create and trade digital assets on the Ethereum blockchain. Read more in detail here: opensea.
When we thought the NFT world had run out of surprises, we saw another free mint collection set secondary market sales records and reach a trading volume of approximately 2000 ETH. This took place in just a week.
The famous NFT company IreneDAO, run by model and social media influencer Irene Zhao, has become a hot issue. People that mined on day one might sell their coins for as much as 8.8 ETH. The floor price at one time hit 5 ETH. Some of the greatest influencers, like Logan Paul, bought 20 Irene NFTs at peak pricing.
I am aware that it is difficult to comprehend how this occurred. Let’s dissect it in this post to see if this is the beginning of a new NFTs trend.
Irene Zhao’s identity
Irene is a well-known social media influencer who has 500k followers on Twitter and Instagram. In Singapore, she originally worked as a commodities broker. She made the decision to leave her job in 2021 after more than four years to follow her interest in the cryptocurrency industry. She started working at the Konomi Network for two years. She resigned from her position as CMO in January 2022 and went on to co-found SO-COL, a web 3 social media platform.
Irene collaborated with more than a hundred businesses for advertising and promotional campaigns since she was well-known in the business world. Huawei, Casio, Grab, Carlsberg, and Shopee are a few examples of brands. She wants to use IreneDAO to mentor and support social media producers as they develop utilizing SO-COL and NFTs for community memberships.
IreneDAO’s NFT Twitter Breakthrough
By providing the community with free claims on NFT tribal passes, IreneDAO was introduced. They launched 1107 NFTs in all. Art does not exist. There isn’t a unique blueprint prepared. These NFTs had no value when they were introduced on January 14. But the NFT neighborhood saw something. Irene’s supporters discovered something worthwhile, which brought the initiative to public prominence and captured everyone’s interest in the NFT community.
We saw a tweetstorm from prominent Twitter users and Irene’s followers in a couple of hours. It was simpler for the NFTs to become viral since they were memes. And because of the humorous text overlays, people connected with them. Numerous NFTs also include certain well-known ones, such “WAGMI” and “gm.”
I adore the hustle,” said Mike Novogratz, CEO of Galaxy Digital, in favor of IreneDAO. In only one year, this young lady established her own brand. She was able to unite her community with the use of NFTs. Grabiele Haines (listen to the music he created) and Crypto Cobain are two more Twitter personalities that sometimes discuss Irene NFTs. In addition, Irene invited the well-known NFT venture investor Zhu Su to join the DAO.
What are Irene DAO’s Future Plans?
Over the last year, the NFT area has seen a lot of new use-cases. However, a fully functional NFT DAO that is just for creators has yet to be seen. We may anticipate that more artists will utilize the NFT platform and leverage their networks as a result of IreneDAO. Irene wants to make the creator economy better and assist individuals in use NFTs and web 3 to their full potential with her start-up, SO-COL.
In accordance with a recent suggestion in IreneDAO, they want to work with Indonesian student Ghozali, who recently gained notoriety for this NFT collection. Irene does not yet have a good plan for the DAO. However, she wants to attract more admirers and attention. Upon DAO members’ permission, she believes, a token launch is conceivable.
Can this happen again?
As more influencers like Irene become aware of the strength of the NFT community, I am optimistic that we will see more of these DAOs in the near future. Most of the time, men purchase these NFTs at premium costs in an effort to get the attention of female inventors. The likelihood that other artists will join this market with similar goals and establish NFT communities is thus quite high.
On a larger scale, we may see famous people create NFTs with a DAO fan club. This enables them to communicate with fans directly and market their other brands as well. The potential is enormous. And anybody who creates anything that connects with the NFT community may get the same kind of support that Irene did. The most unexpected aspect of this is that Irene never produced any NFTs. To claim these NFTs, a random internet user put in the effort to make memes and smart contracts. Therefore, these fan groups will keep making noise. Will they survive is the sole uncertainty.
Karthikeya Gutta is an independent contributor to ItsBlockchain who was born and raised in India and works as a crypto writer. He provides thorough analysis and research on a variety of industrial topics. His enthusiasm for the blockchain and cryptocurrency ecosystem stems mostly from his conviction that these technologies have the potential to significantly improve the lives of millions of people.
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IreneDAO, a Free NFT Mint Records 2000 ETH on Secondary Sales. The “irene dao opensea” is IreneDAO’s Ethereum-based token that is used to purchase and sell the company’s digital assets.
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