Sunday, July 21, 2024

FlamingoDAO exceeds $1 billion in worth

FlamingoDAO, which boasts popular and most-sought after NFT collections like Bored Apes and CryptoPunks, is worth a little over $1 billion. Established in October 2020, the platform is considered one of the most exclusive decentralized autonomous organizations (DAO).

FlamingoDAO added @sad_girls_bar and @1989Sisters to its growing list of collections. The platform has attracted investments from the likes of Stani Kulechov, the founder of Aave, and Erick Snowfro Calderon, the founder of Artblocks. Investors believe themselves to be the main actors participating in the DAO’s decision-making processes.

Those wanting to join FlamingoDAO as new members, must either be invited by an existing member or join through one of the sister DAOs, which have been established by the parent company Tribute Labs. FlamingoDAO, as per its official portal, states that there will be no more than 100 members at any given time. It seeks to avoid SEC rules by limiting membership and not advertising its securities.

Aaron Wright, the platform’s founding member and founder of Tribute Labs, says FlamingoDAO’s members are mainly crypto-native individuals who have been in the space for a long time. Members highlight their membership through a flamingo emoji on their Twitter profiles. Some also mention @FlamingoDAO in their bio.

The platform is being celebrated as it has made popular previously unknown artists just by including their work in its collection. As such, sister projects, including NeptuneDAO, NeonDAO, The LAO, and Red DAO, have also attracted investments. Analysts believe FlamingoDAO has amassed 7,920 ETH in its treasury. It has used capital to buy some of the rarest and most valuable non-fungible tokens.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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