Elon Musk's tweet doubles the floor price of controversial NFT collection

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Elon Musk's tweet doubles the floor price of controversial NFT collection

The floor price of The Controversial Collector's collection was slightly doubled following the tweet from Tesla CEO.

Musk's support had an immediate effect on the floor price of the collection, which surged by almost 90% to 7.35 ETH. After the initial hype, however, the price of a floor now hovers around 4.4 ETH.

The emergence of several copycat ERC-20 tokens that are not linked to the original NFT project has also led to the emergence of several copycat ERC-20 tokens. The Tesla token, for example, surged by 3,000% in response to Musk's tweet.

Milady Maker is a collection of 10,000 generative profile picture NFTs that faced controversy late last year when creator Charlotte Fang admitted to posting offensive content under a pseudonymous account named Miya. Fang apologized to the community and announced her departure from the team.

Despite the recent controversy, the Milady Maker's popularity has been increasing, drawing people who view participation as a means of protesting against the global crackdown on the cryptocurrency industry.

Elon Musk is not the only one to promote the Web3 project, he said.

He has been tweeting about Dogecoin on numerous occasions and recently replaced the Twitter logo with the Doge logo temporarily. But such endorsements haven't come without consequences, as Musk is currently facing a lawsuit seeking $258 billion in damages from him.

In 2018, Musk and Tesla were fined $20 million by the SEC for their tweets about Tesla being private.