Twitter CEO Elon Musk has caused the Milady Maker NFTs to surge in price after he tweeted a meme featuring one of the anime-style Ethereum NFT profile pictures on his Twitter account on Wednesday.
The NFT collection became the top-selling collection on OpenSea, surpassing other popular collections, such as the Bored Apes and Mutant Apes, with a 59 percent increase in floor price.
Statistics from the leading NFT marketplace showed that the starting price for Milady NFTs on crypto markets surged from 3.75 ETH ($6,920) to an all-time high of 7.3 ETH (approximately $13,700). As of the time of writing, the floor price has gone down a little but remained high at 5.25 ETH ($9,590).
Meanwhile, sales of the NFT collection had reportedly jumped by 500 percent within 24 hours by Wednesday afternoon.
At the same time, sales of other projects by Remilia Creative — the team behind Milady Maker — such as Redacted Remilio Babies NFTs surged by 660 percent on Wednesday.
The Milady Maker is a compilation of 10,000 generative NFTs for profile pictures (pfp) with a “neo chibi aesthetic design” inspired by the subcultural fashion tribes of Y2K Japan, as said on their website. The collection consists of NFTs with varying rarity levels, with the highest rarity labeled as “SS.”
— Elon Musk (@elonmusk) May 10, 2023
The meme, which displays the text “There is no meme. I love you,” garnered over four million views in less than an hour and received tens of thousands of interactions.
In response to Musk’s tweet, Milady Maker posted an image from the collection with overlaying text that reads, “Sometimes I get scared but then I remember. I am Milady. I have already won. I am loved. I am powerful. I am divine. I love you.”
Musk has a history of causing price increases in digital assets through his Twitter account. This had happened before with Dogecoin, which saw a rally in price after he updated Twitter’s official logo to feature the meme of a Shiba Inu dog.
Despite the cute and innocent imagery, the Milady Maker project was surrounded by controversies.
Not long after its release in 2022, some collectors uncovered a spin-off series that included avatars of a major Nazi death camp adorned with T-shirts bearing the name “Treblinka.” The team behind the collection denied this, asserting that it randomly produced phrases using text from various sources.
Additionally, some Twitter users have claimed that Remilia Creative has ties to a former white supremacist group called Kaliak, an abbreviation for “Kali Yuga Acceleration.”
The accusations worsened as Twitter users found old tweets and posts from the project’s creator, Charlotte Fang, also known as Charlie Fang or Charlemagne, that were racist and offensive.
Although Fang initially denied any connection to the account, he eventually revealed that he was the one behind a pseudonymous Twitter account called “Miya.” He posted a statement on Twitter regarding his decision to leave Milady Maker not further to harm the reputation of the NFT project.
“I apologize about trying to hide the past account—Miya has nothing to do with Milady Maker & should stay that way so I’ll be stepping down from the team from here,” the statement read. The project then continued with new leadership from Remilia Corp.
— _gabrielShapir0 (@lex_node) March 23, 2023
Apart from that, the artwork from the Milady Maker NFTs has been used by some NFT traders and crypto professionals as a “wartime” meme on social media. This is in response to the increased scrutiny of cryptocurrencies from the U.S. Securities and Exchange Commission, or SEC.