Elon Musk, the CEO of Twitter and SpaceX, has consistently demonstrated his significant sway over crypto markets. Recently, his influence was once again on display when he tweeted an image of a Milady NFT. This endorsement set off a chain reaction, significantly raising the value of these anime-style NFT profile pictures (PFPs). Musk’s tweet represented a high-profile validation of the Milady NFTs, further solidifying his reputation as a crypto influencer.
The Musk Effect
Musk’s tweet, which simply read, “There is no meme. I love you,” quickly went viral, garnering over four million views within an hour. The tweet’s ripple effect was almost instantaneous, causing the base price for Milady NFTs to skyrocket. According to NFT Price Floor, the cost jumped from 3.75 ETH ($6,920) to 5.25 ETH ($9,700)—a staggering 57% increase in just 24 hours. This significant price spike underscored the power of celebrity endorsement in the volatile world of crypto markets.
OpenSea, a leading NFT marketplace, reported a significant sales boost across its platform. In the hour following Musk’s tweet, more than 600 NFTs from the Milady collection sold, netting about 3,700 ETH, or over $6.9 million. This impressive performance made the Milady Maker NFTs the top-selling project during that period. With such a significant rise in sales, it became evident that the influence of prominent figures extends beyond traditional markets and into the digital realm.
Interestingly, the Milady Maker project has not been without its share of controversy. Prices took a nosedive last May after creator Charlotte Fang confessed 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, especially amid increasing scrutiny on cryptocurrency from the SEC.
A Curious Glimpse into the Future
The Milady NFT price surge serves as a vivid example of the potent influence of figures like Musk on NFT market trends. It illustrates the intricate and sometimes unpredictable interplay between pop culture, social media trends, and crypto markets. As we continue to observe these fascinating interactions, it piques curiosity about the future landscape of the NFT world. It also raises questions about the potential of digital assets and the ever-expanding influence of high-profile individuals in these emerging markets.