Elon Musk Sends Milady NFTs Soaring

Elon Musk, the CEO of Tesla and Twitter, took to Twitter on January 10 to share an image from the popular Web3 NFT project, Milady Maker, accompanied by the quote "There is no meme. I love you."

Musk's endorsement had an immediate impact on the floor price of the collection, which surged by almost 90% to 7.35 ETH. However, after the initial hype subsided, the floor price now hovers around 4.4 ETH.

It also led to the emergence of several copycat ERC-20 tokens that are not associated with the original NFT project. One such example is the LADYS token, which spiked by 3,000% following Musk's tweet.

Milady Maker is a collection of 10,000 generative profile picture NFTs that faced controversy last year when creator Charlotte Fang admitted to posting offensive content under a pseudonymous account named Miya. Fang issued an apology to the community and announced her departure from the team.

Despite the past controversy, Milady Maker's popularity has been steadily increasing, attracting individuals who view participation in the collection as a way to protest against the ongoing global crackdown on the cryptocurrency space.

Past Antics

This is not the first time that Elon Musk has promoted a Web3 project.

He has previously tweeted about Dogecoin on multiple occasions and recently replaced the Twitter logo with the Doge logo temporarily. Such endorsements have not come without consequences, however, as Musk is currently facing a lawsuit seeking $258 billion in damages from him.

In 2018, Musk and Tesla were each fined $20 million by the US Securities and Exchange Commission for Musk's misleading tweets about taking Tesla private.