FlamingoDAO’s NFT Portfolio Is Now Worth $1B

One of the astir exclusive decentralized autonomous organizations, FlamingoDAO, has shed airy connected the parabolic returns successful the non-fungible token (NFT) space.

FlamingoDAO’s massive NFT portfolio, which boasts 215 CryptoPunks and 22 Bored Apes, is present worthy an estimated $1 cardinal according to CoinDesk’s conversations with FlamingoDAO members and reporting from Forbes.

At inception successful October 2020, Flamingo collected 60 ETH from each subordinate (approximately $23,000 astatine the time).

Now, caller members are buying successful astatine 3,000 ETH oregon astir $8 million. That’s a astir 350-fold summation successful dollar presumption implicit 15 months.

FlamingoDAO aims to “give its Members the quality to make and deploy NFT-focused concern strategies,” according to its site.

The DAO has truthful acold amassed 7,920 ETH to day successful its treasury, utilizing the superior to acquisition immoderate of the rarest and astir invaluable NFTs.

In summation to CryptoPunks and Bored Apes, fashionable illustration representation projects, the DAO owns 246 Chromie Squiggles, 371 Cryptoblots, 5 Autoglyphs and respective different bespoke NFTs, known arsenic 1/1s (“one of ones”). These NFTs tin beryllium cross-checked utilizing blockchain information that traces backmost to FlamingoDAO wallet addresses. In total, the postulation includes NFTs numbering into the thousands.

Aaron Wright, a FlamingoDAO founding subordinate and laminitis of DAO tooling institution Tribute Labs, told CoinDesk that Flamingo’s members are chiefly crypto-native individuals who person been successful the abstraction for a agelong time.

“First, rank was archetypal come, archetypal served,” Wright told CoinDesk. Now, prospective members person to get invited successful by an existing subordinate oregon summation introduction done engagement with 1 of Flamingo’s sister DAOs, which includes The LAO, the DeFi-focused NeptuneDAO, music-focused NoiseDAO oregon metaverse-focused NeonDAO.

“The whales are each together,” said Wright, who describes Flamingo’s members arsenic a premix of traders, developers, artists and builders. “That’s what makes these things truthful powerful. They’re horizontally organized.”

At immoderate 1 time, rank is capped astatine 100 members, according to the FlamingoDAO site.

As Flamingo’s occurrence sends its buy-in terms skyrocketing, rank has progressively attracted the attraction of concern funds, said Wright.

As NFTs person seen soaring adoption among large user brands, Wright said helium could spot a aboriginal wherever NFTs marque up the bulk of crypto.

“I deliberation a batch of radical connected Twitter are DeFi-focused, but I spot it becoming a smaller portion of crypto. Other segments are increasing faster,” said Wright.

Even arsenic crypto markets shed astir fractional of their full marketplace capitalization successful a January sell-off, NFT marketplace OpenSea notched astir $5 cardinal successful income measurement that aforesaid month, an all-time high, according to data from Dune Analytics.

Derek Schloss, who heads crypto task steadfast Collab+Currency’s NFT investments and is different co-founder of FlamingoDAO, is likewise bullish connected the aboriginal of NFTs.

“NFTs are going to wrapper each scarce non-fungible goods,” Schloss told CoinDesk. “Every large marque is reasoning astir NFTs and their Web 3 strategy.”