Singapore — Singapore-based Chinese influencer and Instagram model Yuqing Irene Zhao listed her non-fungible token’s (NFT), garnering purchases from prominent individuals like Galaxy Digital CEO Mike Novogratz and giving her millions within days.
An NFT is unique digital data such as a drawing, Tweet, meme, music, or game character that can’t be replaced with something else. The owner of an NFT can then trade or sell the unit of data on digital markets.
More people are jumping into the NFT marketplace, raking in millions for lucky sellers.
NFTs are purchased, traded and sold through cryptocurrency, mostly Ethereum, before withdrawing in real currency.
For Zhao, it’s her IreneDAO collection currently listed on Opensea, a peer-to-peer marketplace for NFTs, rare digital items and crypto collectables.
Her listing description on Opensea notes, “IreneDAO is a global grassroots movement aimed at disrupting the creator economy. IreneDAO is for the people, by the people. Our core values are: Sincerity, Integrity, Meaning, and Purpose.”
Zhao’s collection consists of over a thousand items, showcasing images of her and meme slang phrases such as “Damp It,” “Up Only,” “Simp” or “Wen Moon.”
The cheapest NFT of “Have Fun Staying Poor” costs 0.94 Ethereum or about S$3,000.
In total, Zhao’s collection already has a trading volume of 2,300 Ethereum, which is equivalent to approximately S$7.5 million.
Zhao distributed her crypto memes with a free mint, allowing digital art to become a part of the Ethereum blockchain. It is then unchangeable and tamper-proof, much like how metal coins are minted before being added into circulation.
Reports noted that Zhao’s endeavours began with her selling the images as a sticker pack on Telegram. A fan then advised her to turn the collection into NFTs.
The history behind her NFT collection
For those still confused, Zhao created a Twitter thread on Jan 20 to explain why her IreneDAO collection is “not a fluke” or “Asian Fetish.”
She explained that she had been an Instagram influencer since her university days and acquired over 300,000 followers on the platform. However, this follower base was not enough.
“In order to make anything out of my posts, I need to take on product placements and paid advertisements. I came to a point where every other day, I am posting paid content. Why? I have no choice. That’s how I feed myself,” she said.
She then explained that NFT is the medium that makes the new Web3.0 (new iteration of the World Wide Web based on blockchain) economy possible, as it makes the “users the owners.”
Here’s why @0xIreneDao is not a fluke or as some may have it, an Asian Fetish. They are missing the real deal. Something bigger underlies the concept that is behind the IreneDao.
👇🏻🧵 Here’s the story:
— Irene Zhao (@Irenezhao_) January 20, 2022
YouTuber Logan Paul and Galaxy Digital CEO Mike Novogratz are among those that purchased IreneDAO NFTs.
Mr Novogratz tweeted he was a “proud member of team Irene Zhao,” while Logan Paul is said to have purchased 20 NFTs from Zhao’s collection for over S$360,000. /TISG
Yes we are!! Proud member of team @Irenezhao_ I love the hustle. This young woman has created her own brand in less than a year. And NFT’s allows her to pull her community together. pic.twitter.com/iZiAqXj1iX
— Mike Novogratz (@novogratz) January 16, 2022
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