The possibilities of non-fungible tokens (NFTs) has taken the world by storm. And this case is no different. Singapore-based influencer Irene Zhao has garnered over US$5.58 million (S$7.5 million) in 10 days through NFT sales alone.
The NFTs consist of images of her with meme slang texts over a mint green background. Though similar in nature, the NFTs have gained a lot of sales and are listed on OpenSea, amounting to 1,107 items under the IreneDAO collection.
The collection, launched on January 14, 2022, has a total trade volume of 2,300 Ethereum, which is equivalent to around US$5.58 million (S$7.5 million).
When crypto meets Simps.
The images were originally a sticker pack on Telegram, but a suggestion from a fan to turn them into an NFT collection changed the course of these images.
Together with her business partner Benjamin Tang, Zhao created the IreneDAO NFTs, aiming to build "Social Collectibles", or "So-Col" for short. So-Col serves as a decentralized social networking platform, through which content creators can convert their social media content into non-fungible collectible items.
The money made from sales will be used for the IreneDAO community in hopes of experimenting the best way to integrate Web3 into the creator economy. The wordplay that is the community's core values are SIMP: Simplicity, Integrity, Meaning, and Purpose. Unsurprisingly, the sales for particular NFTs are driven by people who well... simp for others.
Nevertheless, the IreneDAO community is a grassroots movement that is "for the people, by the people". Purchase of the NFTs will also get the buyer membership to IreneDAO's "Genesis Tribe".
A change for influencers.
With a following of over 380,000 on Instagram, Zhao explained that it had not always been easy. Having started her influencer journey back from her university days, she had to rely on sponsored content to make money. Her social media posts would often feature product placements, something which she said her followers did not like, but she couldn't help as she had to feed herself somehow.
In her Twitter thread, she defends NFTs, explaining that they are a way for creators to truly own their content, which followers can also buy a share in and invest.
This isn't the first case of people selling photos of themselves as NFTs and going viral. Just recently, a man named Ghozali has racked up roughly US$1 million through his Ghozali Everyday collection, a series of NFTs consisting of his selfies.
The NFT scene is quickly expanding, and it doesn't look like it's going away any time soon. What do you think? Would you ever invest in it?
Read more tech stories:
Acclaimed Malaysian composer turns his viral track into limited-edition NFTs
Indonesian man sells his selfies as NFTs, now worth US$1 million in volume
Around 30% of Singaporeans already own cryptocurrency, plan to buy more
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Cover image sourced from IreneDAO / OpenSea.
