Simping for IreneDAO: First NFT Collection Jumps 15 Times in Average Price Over 2 Days

NFT collection featuring photos of Instagram model Irene Zhao in different poses soars in value in just two days.

Quick take:

  • The collection is trading on the secondary market.
  • Galaxy Digital CEO Mike Novogratz and YouTuber Logan Paul are among some of the NFT’s buyers.
  • Irene Zhao plans to build an all-in-one alternative to Discord and OnlyFans, powered by NFTs.

As women-led NFTs rise to prominence, IreneDAO is the latest project on NFT Twitter’s fingers as its first collection featuring photos and memes of Instagram model Irene Zhao surged in value since becoming available to be minted for free last Friday.

Currently trading on the secondary market, the collection jumped from an average price of Ξ0.1878 on Jan 15 to its current price of Ξ2.7128 today. IreneDAO is a new DAO launched by Singapore-based Instagram model and crypto influencer Irene Zhao.

Besides being an Instagram model, Zhao was previously Chief Marketing Officer at Konomi Network, a full suite asset management solution for cross-chain crypto assets. She left her job this month to pursue IreneDAO and her new project, SO-COL.

On its website, IreneDAO claims to be “ a global grassroots movement aimed at disrupting the creator economy,” adding that it’s “for the people, by the people”. Its core values are Simplicity, Integrity, Meaning, and Purpose, referencing the word ‘simp’, which is Internet slang used for a guy who does too much for a woman who’s not interested in him.

The DAO started as a proof of concept for Zhao’s latest venture, SO-COL, which aims to connect creators with their communities via membership cards.

In a Twitter thread on Jan 14, Zhao stated that “SO-COL (social collectables) is an all-in-one alternative to platforms like Discord and OnlyFans, powered by NFTs.” 

On SO-COL, “creators can bridge their social accounts to web3 via our DID protocol, and use NFTs as a basis to manage their memberships and communities.” SO-COL is also developing its own decentralised ID (DID) protocol.

Galaxy Digital CEO Mike Novogratz and YouTuber Logan Paul – who bought 20 of the NFTs at the top –  are among some of the prominent figures in the NFT community to simp for IreneDAO.

The recent surge in prices of the IreneDAO NFT collection has drawn scepticism about the legitimacy of the project and the person running the 0xIreneDao Twitter account.

Amid the hype, rumours, and controversy swirling around the project, IreneDAO hit a floor price of Ξ5.33 before dumping to Ξ1.79 as of this article.

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