Grassroots creation of NFTs rises to fame, hitting the Web3 surfers

Author: Hive Tech

What happens when a female internet celebrity collides with NFTs? IreneDAO provides one result through experimentation.

Recently, Instagram influencer Irenezhao has gained popularity in the market by minting non-fungible tokens (NFTs) based on her various sultry photos, accompanied by popular meme texts. These NFTs were initially distributed for free, and just a few days later, the floor price on the NFT trading platform OpenSea rose to 3 ETH, approximately $9,900.

The entity behind these NFTs is IreneDAO, initiated by the influencer herself. It does not operate around a specific project but resembles a "fan circle" on the blockchain. According to reports, IreneDAO aims to disrupt the "creator economy," allowing grassroots creators to monetize attention through NFTs.

People have noticed another layer of Irenezhao's identity; in 2021, she entered the crypto space as the Chief Marketing Officer of Konomi Network, and now she is building a platform called "SO-COL," a "social collectibles" platform. SO-COL aims to be the Web3 version of OnlyFans, supporting creators in managing memberships and communities using NFTs. IreneDAO serves as a member community within this platform.

Another representative of grassroots NFTs is a young man from Indonesia, recently discovered by netizens, who has been taking selfies since 2017 and minting them as NFTs. This unkempt young man from a Southeast Asian town has issued over 900 face selfies, and the nostalgic photos from the internet café era quickly attracted a lot of attention, with the floor price of this series of NFTs reaching hundreds of dollars.

NFTs are no longer just toys for brands and celebrities; ordinary people can create as well. While people are discussing what Web3 is, the rise of similar grassroots NFTs brings some answers: the focus of Web3 is more on individuals rather than large internet companies, and the technology integrated into Web3 should ultimately serve individuals, with economic benefits returning to individual creators.

IreneDAO NFT Floor Price Soars to 3 ETH

How much are a series of sexy and sultry photos worth? In the information age, such images are ubiquitous across the internet. Especially on social media platforms like Twitter, Instagram, and OnlyFans, a large number of sultry photos are produced and disseminated, creating many internet celebrities labeled as beautiful women. Of course, these photos are often available for free "viewing."

However, with the rise of NFTs and Web3 social platforms, a JPEG image can directly anchor to a valuable asset. Last Friday, a set of NFTs issued by IreneDAO illustrated this phenomenon.

IreneDAO is distinctly different from the decentralized autonomous organizations (DAOs) people have seen in the past; it does not operate around a "project." The core of the community is an influencer IP named "Irenezhao," representing a typical IP-style DAO, akin to the initial manifestation of fan economy in Web3. As its official introduction states, IreneDAO is a global grassroots movement aimed at disrupting the "creator economy," with core values of simplicity, integrity, meaning, and purpose.

Irenezhao is a 28-year-old Instagram model known for her sultry figure and sexy outfits, frequently posting personal photos on social platforms. On Instagram and Twitter, Irenezhao has attracted many followers, boasting over 500,000 fans.

In the context of the domestic influencer economy, this female influencer might have pursued a live-streaming sales model for monetization. However, Irenezhao took a different path, seizing the new trend in the blockchain market—NFTs.

Irenezhao created IreneDAO and minted her photos as NFTs on the blockchain. Each photo is accompanied by some meme-colored text, turning them into posters, such as "WAGMI" (meaning "We All Gonna Make It") and "HYPE" (to promote extensively). This combination of images and text was minted into 1,107 NFTs, initially distributed as free mints, and later opened for trading on the NFT trading platform OpenSea.

Photo series NFTs issued by IreneDAO

"Why spend gas fees to mint and purchase these photos on-chain?" is the most frequently asked question after the issuance of IreneDAO NFTs. After all, these photos can be viewed freely without purchase. In other words, what can one do with these photo NFTs?

These photos are not just for visual stimulation; owning these photo NFTs essentially serves as a membership identifier for IreneDAO, or more simply, it means becoming an "official certified fan" of Irenezhao.

Despite the confusion and questions, the speed at which these eye-catching photo NFTs have surged in popularity is astonishing, and their prices have been driven higher. On OpenSea, the initial price of a photo NFT was around 0.2 ETH, and just two days later, the floor price of this set of NFTs soared to 3 ETH, meaning the cheapest NFT was valued at $9,900.

The convergence of terms like influencer beauty photos, NFTs, and hype has allowed IreneDAO to attract significant attention in a short time. Su Zhu, founder of Three Arrows Capital, tweeted that ancient "goddess worship" has its historical roots, and early adopters may contribute to a permissionless society while also becoming key idols.

Mike Novogratz, CEO of Galaxy Digital, also tweeted "certifying" that he is a community member of IreneDAO. He shared a photo NFT of Irene and expressed, "Proud that NFTs allow her to unite her community."

Public figures in the capital industry have also begun to embrace this new type of "creator economy" represented by IreneDAO. Of course, there are also many skeptics and voices of disdain. Some have rebutted Su Zhu, stating that Irene cannot be compared to ancient goddesses, while others believe this is a vulgar hype.

Why are grassroots NFTs popular in the market?

Amidst the controversy, IreneDAO has become a hot NFT project, resembling a small community where idols and fans interact more closely. In the Web2 era, similar applications include OnlyFans.

With the popularity of IreneDAO, people have also begun to pay attention to other identities of Irenezhao beyond being an "influencer." She entered the crypto world in 2021 as the Chief Marketing Officer of Konomi Network, a decentralized liquidity protocol and lending protocol on the Polkadot chain, stepping into the crypto space.

Currently, Irenezhao is building a platform called "SO-COL," a "social collectibles" platform supported by StarkWare's Layer 2 solution. She revealed that SO-COL is an integrated alternative to platforms like Discord and OnlyFans, powered by NFTs. Creators can connect their social accounts to Web3 through its DID (Decentralized Identity) protocol and use NFTs as a foundation to manage their memberships and communities.

Irenezhao stated that IreneDAO is a social experiment based on SO-COL, aiming to prove the core concept of SO-COL—connecting creators with their communities through NFTs, thereby empowering them. She mentioned that the ultimate goal is to create hundreds or even thousands of such communities through the SO-COL platform. Communities can vary in size, and each community, together with the creator, will define the utility of the creator's collectibles.

From this, it can be seen that IreneDAO is merely a small "fan circle" built on the SO-COL platform. According to the plan, this platform will generate many different fan tribes in the future and provide monetization channels for influential creators through NFTs. Based on these descriptions, SO-COL indeed resembles the Web3 version of OnlyFans.

In fact, since the rise of NFTs, they have been regarded as one of the best ways to monetize attention and influence. Previously, many NBA stars collaborated with NBA Top Shot to issue NFTs of their personal highlights and gained additional income through sales. As the Web3 era enters its conceptual phase, the barriers to monetizing attention have further lowered; not just stars and celebrities can issue NFTs, but anyone can issue their own NFTs for sale.

In addition to "beauty-style" NFTs like IreneDAO, a typical example is the recently popular selfie NFT series from the Indonesian young man. This unkempt young man from a Southeast Asian town took a "face selfie" every day for over 900 days from 2017 to 2021 using his computer's front camera.

Recently, he turned these 900 nostalgic photos into NFTs for sale. At first glance, it may remind one of artist Beeple's NFT work "Everydays: The First 5000 Days," which sold for $60.25 million. On OpenSea, the Indonesian young man's selfie NFT series has been driven up to prices above hundreds of dollars.

Indonesian young man's selfie series NFTs

With the help of blockchain and NFTs, more and more "grassroots" influencers have found channels for monetizing attention, providing a more vivid interpretation of the Web3 concept.

KOL "0x_Todd," who changed his Twitter avatar to the Indonesian young man's selfie, shared his thoughts: "I have always believed that Web3 should focus on the ordinary lives of regular people, rather than being immersed in the big names that have already made waves in Web2. I firmly believe that ordinary people are the true carriers of Web3, and behind ordinary people, there are equally legendary stories."

As people discuss Web3 social platforms, the rise of similar grassroots NFTs is enlightening the crypto world, focusing on each individual, pursuing equality and fairness, which aligns perfectly with the decentralized spirit of blockchain and is increasingly becoming the direction of Web3 development.

It is important to note that whether it is IreneDAO or the Indonesian young man's selfie NFTs, while attracting attention, people should also consider the potential value loss after attention wanes and whether they can bear the risk of depreciation after purchasing these NFTs. It is foreseeable that more similar NFTs will emerge, and crypto enthusiasts need to evaluate their purchasing intentions to avoid falling into speculative traps.