The story of the IreneDAO NFT craze started in October when 28-year-old Chinese crypto influencer and model Yuqing Irene Zhao came up with the idea for “So-Col” with her business partner, Benjamin Tang.
So-Col is short for “Social Collectables,” Irene explained to Cointelegraph, and the platform aims to help content creators monetize their content and build communities with their fans.
Branded as the “decentralized version of OnlyFans, Discord, Twitch, and Patreon,” the platform allows content creators and influencers to convert their social media content into non-fungible collectible items (NFTs.) It is powered by StarkWare’s layer-two solution StarkEx and leverages the decentralized ID protocol.
Fast-forward to Tuesday last week, Tang and Irene launched a sticker pack for Irene’s Telegram community to use on the messaging app. The stickers feature superimposed photos of Irene with meme slang text used by members of the crypto community like “gm”, “wen Binance”, and “yes ser.”
A timeline: sticker pack, to NFT collection, to DAO
The sticker pack immediately gained a lot of traction, reaching 2,000 installations within four days according to Irene. On Wednesday, she was contacted by a fan called “libevm” – who told Cointelegraph they would prefer to stay anonymous – on Twitter, who suggested that she consider turning the sticker pack into NFTs.
Irene agreed, and they tokenized the stickers into 1,106 NFTs on the OpenSea marketplace by Friday. The NFTs are described as an “access pass” to the DAO’s “Genesis Tribe,” initially distributed with a free mint. They’re currently trading at a floor price of 1.47 Ether ($4,668), with a total volume traded of 2,000 Ether ($6,351,180).
Source: IreneDAO NFT collection on OpenSea
“We at So-Col thought it was a great idea as we wanted to create a prototype for our core concept of a community-driven creator economy. We then extended the idea into a DAO, and “libevm” and my co-founder Ben hacked it together within a day,” she…