Elon Musk's support of controversial Milady Maker NFT collection doubles

Elon Musk's support of controversial Milady Maker NFT collection doubles

The floor price of the controversial collection doubled a week after Tesla CEO's tweet.

Musk's sponsorship had an immediate impact on the cost of the collection, which rose by almost 90% to 7.35 ETH. After initial hype, the floor price has now hovered around 4.4 ETH.

The emergence of several copycat ERC-20 tokens that are not associated with the original NFT project has also led to the emergence of several copycat ERC-20 tokens. One such example is the LADYS token, which rose by 3,000% following Musk's tweet.

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

Despite the recent ups and downs, Milady Maker's popularity has been growing ever more, attracting individuals who view the collection as a way to protest against the ongoing global crackdown on the cryptocurrency industry.

This is not the first time Elon Musk has promoted Web3 for the first time.

He has previously spoken about Dogecoin and has temporarily replaced the Twitter logo with the Doge logo. But such endorsements have not come without consequences, as Musk is currently suing for $258 billion in damages from the company.

In 2018, Tesla and Musk were fined $20 million by the SEC for Musk's untruthful tweets about taking Tesla private.