We're used to NFTs selling for big money, but this bird-themed collection owned by FlamingoDAO is worth a staggering $1B. Yes, you read that right: One. Billion. Dollars. This NFT art collection consists of 215 CryptoPunks and 22 Bored Apes, and a whole lot more. As such, the collection represents some of the biggest moments in NFT art.
A DAO is a decentralised autonomous organisation that has its company rules encoded on the blockchain. Its members don't know one another but they all share profits and can vote on the organisation's rules and future. If you want to know more, here's everything you need to know about NFTs.
At launch in October 2020, Flamingo collected 60 ETH from each member (approximately $23,000 at the time) and began bidding and buying NFT art. That investment has sky-rocketed to a staggering 1$ billion.
The FlamingoDAO collection has thousands of NFT artworks, including 246 Chromie Squiggles, 371 Cryptoblots, five Autoglyphs and a number of 1/1 NFTs – rare one of one minted artworks. Because everything owned by FlamingoDAO is held on blockchain it's all traceable.
You can often get an idea of who these mysterious NFT billionaires are as they have a flamingo on their Twitter profile. These aren't newcomers to NFTs, either, and include some of cryptocurrencies biggest names. The founder of cryptocurrency Aave, Stani Kulechov, is a member, as is Artblocks founder Erick 'Snowfro' Calderon.
Aaron Wright, a FlamingoDAO founding member, told Coindesk the members are a mix of traders, developers, artists and builders: "The whales are all together. […] That’s what makes these things so powerful. They’re horizontally organised.”
Read more:
- How to make and sell an NFT
- 10 NFT trends that could change the world
- The best NFT apps for iPhone
