The world of crypto is ever-evolving, and non-fungible tokens (NFTs) have become a significant part of the digital landscape.
In early 2022, a new NFT project called IreneDAO has been generating excitement on Crypto Twitter, blending elements of popular platforms like OnlyFans, Discord, Twitch, and Patreon.
Source: @b1gqing/Instagram
In this article, we’ll explore the origins of IreneDAO, its unique features, and the impact it has had on the crypto community.
What is IreneDAO?
IreneDAO is a decentralized autonomous organization (DAO) focused on the creator economy.
Source: OpenSea
Founded by Chinese crypto influencer and model Yuqing Irene Zhao and her business partner Benjamin Tang, the project is designed to enable creators to monetize their content and build stronger relationships with their supporters.
The platform, called “So-Col” (short for “Social Collectables”), allows content producers and influencers to convert their social media content into NFTs.
Powered by StarkWare‘s layer-two solution StarkEx, IreneDAO also utilizes a decentralized ID protocol for added security and efficiency.
The Journey from Sticker Packs to NFTs and DAOs
The idea for IreneDAO began in January 2022, when Tang and Irene released a sticker set for a Telegram group that Irene was part of.
Featuring images of Irene with crypto-themed phrases like “gm,” “wen Binance,” and “yes ser,” the stickers quickly gained popularity, reaching 2,000 downloads in just four days.
Source: OpenSea
A fan named “libevm” (who requested anonymity) reached out to Irene on Twitter, suggesting the possibility of turning the sticker pack into NFTs.
Irene and her team then tokenized 1,106 stickers into NFTs and listed them on the popular marketplace OpenSea.
These NFTs served as access passes to IreneDAO’s “Genesis Tribe,” with the first mints being given away for free.
This experiment led to the development of IreneDAO, a community-driven platform for the creator economy.
Unexpected Popularity and Impact on the Crypto Community
The initial launch of IreneDAO’s NFTs was met with overwhelming success.
All 500 NFTs sold out within 40 minutes, and all 1,107 genesis passes were claimed within half an hour of the DAO’s launch. Fans can now join the DAO by purchasing one of the sticker NFTs.
Despite the financial success of the project, neither libevm nor Irene has taken any personal profit.
Instead, the funds generated are managed by the DAO collective to explore innovative ways of integrating Web3 technology into the creator economy.
The project has sparked discussions on inclusivity and the use of NFTs to guide DAO decision-making.
IreneDAO’s success has drawn mixed reactions from the crypto community.
High-profile figures such as Mike Novogratz, CEO of Galaxy Digital, and YouTuber Logan Paul have invested in the project. Novogratz praised Irene on Twitter for building her brand in under a year and highlighted how NFTs have enabled her to unite her community.
Conclusion
The emergence of IreneDAO has highlighted the potential of NFTs and DAOs
in revolutionizing the creator economy. This innovative platform provides content creators with an opportunity to monetize their work while fostering stronger connections with their supporters.
By combining elements from popular platforms like OnlyFans, Discord, Twitch, and Patreon, IreneDAO offers a unique solution that caters to the evolving needs of creators and their fans.
As a decentralized platform, IreneDAO empowers its community to make collective decisions on the direction and management of the organization.
This approach ensures that the needs and desires of the community are central to the project’s development. It also demonstrates the potential of blockchain technology in promoting a more inclusive and democratic environment for creators and supporters alike.
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