Cryptocurrency

IreneDAO NFT makes a splash on crypto Twitter

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The story of the IreneDAO NFT craze began in October when 28-year-old Chinese crypto influencer and model Yuqing Irene Zhao came up with the idea of ​​“So-Col” with her business partner Benjamin Tang.

So-Col is short for “Social Collectables,” and Irene explained to Cointelegraph that the platform is designed to help content creators monetize their content and build a community with their fans.

Dubbed a “decentralized version of OnlyFans, Discord, Twitch, and Patreon,” the platform allows content creators and influencers to convert their social media content into non-fungible collectibles (NFTs).it consists of Second Tier Solutions from StarkWare StarkEx and utilizes a decentralized ID protocol.

Fast forward to last Tuesday, and Tang and Irene launched a sticker pack for Irene’s Telegram community for the messaging app. The stickers are superimposed with a photo of Erin, as well as meme slang text used by members of the crypto community, such as “gm,” “wen Binance,” and “yes ser.”

Timeline: Sticker Packs, NFT Collections, DAOs

According to Erin, the sticker pack gained immediate traction, reaching 2,000 installs in four days. On Wednesday, a fan named “libevm” reached out to her on Twitter — who, he told Cointelegraph, would prefer to remain anonymous — and suggested she consider turning the sticker packs into NFTs.

Erin agreed, they tokenization As of Friday, the stickers were among 1,106 NFTs on the OpenSea marketplace. Described as an “access pass” for the DAO’s “Genesis Tribe”, NFTs were initially distributed as free coins. Their current floor price is 1.47 ETH ($4,668) with a total volume of 2,000 ETH ($6,351,180).

source: IreneDAO NFT Collection on OpenSea

“We at So-Col thought it was a good idea because we wanted to create a prototype for the core concept of a community-driven creator economy. We then extended this idea to DAOs, where “libevm” and my co-founder Ben Broke it in a day,” she explained to Cointelegraph.

“What we didn’t expect was that our test case was an instant hit. In fact, I don’t even know when it was launched—I was out for a swimming lesson! When I came back from the pool 40 minutes later, the whole 500 NFTs are gone. I don’t have one myself!”

IreneDAO polarizes the crypto community

Despite the success, neither “libevm” nor Irene say they received a cent from the project. Instead, the DAO community will use the money to “try the best way to integrate web3 into the creator economy.”

When the DAO initially launched, members could mint free genesis passes by logging into the website. However, Erin explained that in the first 30 minutes, all 1,107 passes were called. By purchasing one of the NFT stickers, fans are also effectively purchasing a membership to the DAO.

“We’re discussing how to expand it to be more inclusive,” explained libevm, adding that they use NFTs to “show how funds should be spent” within the DAO.

Perhaps unsurprisingly, Erin’s success has drawn some polarized reactions in the crypto community. Some big names like Galaxy Digital CEO Mike Novogratz and YouTuber Logan Paul have actually bought the project.

“Proud member of the @Irenezhao_ team I love the hustle. This young woman has created her brand in less than a year. NFTs allow her to bring her community together,” Novogratz said on the week wrote in a tweet on the day.

Paul’s OpenSea wallet also shows that he purchased 20 NFTs totaling about 85.9 Ether ($280,000).

Are Ghozali and Irene Zhao working together?

“Libevm” explained to Cointelegraph that they came up with the idea of ​​turning Telegram stickers into NFT collections after the success of crypto influencer Ghozali. The 22-year-old Indonesian made $22 million selling NFT selfies on the OpenSea marketplace.

In fact, members of IreneDAO seem to have their sights set on a potential future collaboration. “The DAO has spoken out,” Erin wrote in a Jan. 14 tweet. “I would like to extend an open invitation to you to collaborate.”

Since then, someone has created an OpenSea account called “GhozalIreneDAO” which contains some suspicious edits to Ghozali’s head superimposed on Irene’s body.

related: A 22-year-old Indonesian made $1 million by selling NFT selfies on OpenSea

So-Col recently closed a seed round with investments from many industry leaders including Animoca, Defiance, 3AC and Mechanism.

In 2021, Erin made her name in the crypto space through her role as Chief Marketing Officer at Konomi Network.