FlamingoDAO NFT’s portfolio is estimated at $ 1 billion

FlamingoDAO NFT’s portfolio is estimated at $ 1 billion

FlamingoDAO’s irreplaceable token portfolio (NFT) is now worth about $ 1 billion, DAO’s members and Forbes reports confirmed.

FlamingoDAO now has a collection of 215 CryptoPunks, 22 Bored Apes, 246 Chromie Squiggles, 371 Cryptoblot, five autoglyphs and several other custom NFTs, known as 1 / 1s (“one of those”).

These NFTs can be cross-checked using blockchain data that tracks to FlamingoDAO wallet addresses.

FlamingoDAO – one of the most exclusive decentralized autonomous organizations – at its inception in October 2020, collected 60 ETH from each member (approximately $ 23,000 at the time). However, new members are now buying for 3,000 ETH or about $ 8 million.

According to its website, FlamingoDAO said it aims to “give its members the opportunity to develop and implement NFT-focused investment strategies.”

A decentralized autonomous organization (DAO) is an organization represented by rules coded as a transparent computer program, controlled by members of the organization and not influenced by external entities.

FlamingoDAO has already collected a sum of 7,920 ETH from its members and used it to purchase some of the rarest and most valuable NFTs.

Due to astronomical growth in value, enrollment for new members has become more demanding.

FlamingoDAO said that in the beginning, the membership in DAO was provided on the principle of “come first, serve first”. However, now, future members must be invited by an existing member or gain entry through an engagement with one of Flaming’s sister DAOs, which includes The LAO, NeptuneDAO focused on DeFi, NoiseDAO focused on music or NeonDAO focused on metaverses.

DAO describes its members as a mix of retailers, developers, artists and builders. Also, as Flamingo’s success led to a dizzying rise in the purchase price, membership increasingly attracted the attention of investment funds.

However, membership for FlamingoDAO is limited to 100 members at any one time.

In one of the largest recent DAOs, a group called ConstitutionDAO failed to bid for a hard copy of the U.S. Constitution at Sotheby’s public auction, Blockchain.News published November 19, 2021.

The offer was Winn by Ken Griffin, Founder and CEO of Hedge Fund Company Citadel LLC, November 18, 2021.

Prior to Sotheby’s public auction, the ConstitutionDAO community raised more than $ 40 million in Ethereum in a week through the social platform Discord.

Specifically, the organization collected a total of $ 47 million in ether from more than 17,000 Ethereum wallets. The organization claimed that they “broke records for the most money collected in less than 72 hours”.

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