A series of non-fungible tokens (NFTs) have sold for a staggering S$7.5 million within 10 days.
The images feature Singapore-based Chinese influencer and model Yuqing Irene Zhao.
They look similar in style: Zhao, svelte and willowy, transposed onto a mint green background with various superimposed meme slang text like, "Up Only", "Wen Moon", and "Damp It".
Crypto memes
The IreneDAO collection is listed on Opensea, and consists of 1,107 items.
Currently, the cheapest NFT, "Have Fun Staying Poor", is priced at 0.94 Ethereum, which is worth approximately S$3,000.
The entire collection has a total trade volume of 2,300 Ethereum, equivalent to at least S$7.5 million.
Started as a Telegram sticker pack
The collection is owned by Zhao, 28, and were distributed with a free mint.
Minting an NFT is how digital art becomes a part of the Ethereum blockchain -- a public ledger that is unchangeable and tamper-proof.
It is similar to the way metal coins are minted and added into circulation.
NFTs are also tokens that get “minted” once they are created.
Zhao graduated from National University of Singapore in 2017 and worked as a commodity broker before dabbling in crypto in early 2021.
The images started as a sticker pack on Telegram, and a fan of Zhao's suggested that it to be turned into an NFT collection.
The fan said they were inspired by fellow crypto Indonesian influencer Ghozali, who made US$1 million from the almost 1,000 selfies he minted as NFTs on Opensea.
https://mothership.sg/2022/01/what-is-irenedao/
