Bored Milady: The NFT to watch?

As hype returns to the cryptocurrency space, the battle lines are being drawn in the latest NFT war.

In this article, I’ll explain why a rather peculiar project could be interesting to watch in 2024.

But before I go on, it’s important I share a disclaimer: NFTs are inherently risky and nothing you read below should be treated as financial advice.

An explosion of interest in Non Fungible Tokens in 2021 saw investors throw their savings at digital images in the hope they would appreciate in value.

According to The Guardian, the global market for the sought-after jpegs hit US$22billion that year, sparking warnings from traditional investors that this was quite obviously a fad.

To an extent, they were right.

The global NFT market cap at the time of publication is $6.52 billion. A significant drop.

But the fact people are still paying for these digital items shows it’s a fad that may never entirely go away.

In fact, there are many people who believe it’s just getting started.

Where to next for NFTs?

It could be argued that NFT marketplaces like OpenSea have taken NFTs mainstream.

The use cases for Non Fungible Tokens now extend beyond digital images to include:

  • Event tickets and passes
  • Memberships and access rights
  • In-game assets and currencies
  • Music, artwork, videos
  • Domain names
  • Collectibles
  • Investment opportunities
  • Legal documents and contracts
  • Supply chain tracking
  • Real estate and property deeds
  • Identity verification

But will digital artwork continue to be valuable?

Miami-based NFT collector Pablo Rodriguez-Fraile says yes.

In an interview with ABC he said he was confident that digital artworks are well placed to hold their significance and value as well as traditional physical artworks do in the long term.

“This movement will be of more importance than any artistic movement we have witnessed in our lives,” he said.

“I strongly believe that the most important digital works will be of a lot more significance than most of the tier one creators today.”

But for every proponent of the new trend, there seems to be at least one critic.

Revolution or rip-off?

An article in Futurism makes it clear why people need to be careful buying NFTs.

The piece, published in 2022, says that OpenSea had announced that 80 percent of the NFTs minted through its free creation tool are “spam, scams, or otherwise fraudulent.”

“We originally built our shared storefront contract to make it easy for creators to onboard into the space,” OpenSea said.

“However, we’ve recently seen misuse of this feature increase exponentially. Over 80 percent of the items created with this tool were plagiarized works, fake collections, and spam.”

Some projects have been holding value

It is true that the majority of NFT projects probably won’t make you rich, but if you are lucky enough to pick a winner, the rewards can be eye-watering.

Based on trading volume and market capitalization, here are 3 of the most successful NFT projects so far:

  1. Bored Ape Yacht Club

The Bored Ape Yacht Club is likely the most popular and valuable NFT collection. The 10,000 procedurally generated apes have generated over $1 billion in total sales. BAYC pioneered the model of using NFTs as social club memberships and continues to set trends.

At the time of publication, the cheapest ‘Bored Ape’ available on OpenSea will set you back 30.99 ETH. That’s the equivalent of US$57,000.

Bored Ape2 Bored Milady

The cheapest ‘Bored Ape’ available on OpenSea is selling for US$57,000.

  1. CryptoPunks

One of the first major NFT projects on Ethereum, CryptoPunks have become prestige digital collectibles. The 10,000 pixel art punks rack up high prices at auction, with a record sale of $23.7 million for one punk.

CryptoPunk NFT

A CryptoPunk listed on OpenSea.

  1. Axie Infinity

The monster-battling Axie Infinity game developed a play-to-earn model and economy powered by NFTs. At its peak over 2.5 million people played Axie Infinity, earning crypto and NFTs valued at billions of dollars.

Other major projects like Decentraland, Sorare, Azuki, Moonbirds, and Doodles also see high trading activity and influence. But Bored Apes, CryptoPunks, and Axie Infinity stand out as pioneers demonstrating the possibilities of NFTs. Their success stories have yet to be matched in terms of driving adoption and demand.

Milady Mania

The controversial Milady NFT collection of 10,000 anime-style female portraits burst onto the scene in August 2021 and saw renewed interest when Elon Musk tweeted about it, causing trading volume to surge.

Screenshot 2023 11 02 at 2.39.54 pm 2 Bored Milady

Milady NFTs aim to build a cult-like community by offering holders incentives like exclusive metaverse land and events.

However, the project has faced backlash over allegations over its anonymous founders, which I won’t detail here.

Despite the controversies around Milady and its early leadership, the collection continues making headlines thanks to attention from high-profile figures like Musk.

His tweet brought more focus to these NFTs that have stirred up debate with their edgy ethos.

The Bored Milady Hybrid

There is currently a collection called ‘Bored Milady’ on Opensea, which derives from both Bored Apes and Milady.

Interestingly, Bored Milady investors are claiming they can “flip” the market cap of the Bored Apes.

On Twitter spaces, user @UubzU laid out his vision for how Bored Miladys could surpass the value of the popular Bored Ape Yacht Club NFTs.

In the video in May, he claimed he owns more than 100 Bored Milady NFTs and has just started a relentless “hype machine.”

“I’m making a very strong statement and putting all my money where my mouth is,” he said.

Only time will tell if the “relentless hype machine” around Bored Milady NFTs proves successful in flipping the value of the Bored Ape Yacht Club.

But @UubzU is betting big that collective belief in the project will make it so.

We approached the Twitter user for comment, but were swiftly blocked.

Conclusion

While controversial, NFTs like Bored Ape Yacht Club and CryptoPunks have demonstrated they can hold some value. However, the space remains speculative.

As debates around NFTs continue, investors should be wary of promises that seem too good to be true. Do your own research.