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FlamingoDAO has made popular previously unknown artists just by including their art in its collection.
In an industry that’s worth just over $15 billion according to NFTGO, the NFT collection of the leading community DAO, FlamingoDAO has now exceeded $1 billion in worth.
CEO and co-founder of Tribute Labs, Aaron Wright, predicted this as far back as August 2021. He tweeted that FlamingoDAO will become the first billion-dollar NFT DAO. Now, the organization has lived up to expectations.
Since its establishment in October 2020, the DAO has led the way in the acquisition of the industry’s top NFT commodities. Currently, the collection owns thousands of NFTs including the industry’s most sought NFTS CryptoPunks and Bored Apes. The collection also owns several Chromie Squiggles, Cryptoblots, Autoglyphs, and other bespoke NFTs.
On Thursday, the organization tweeted that it added some @1989Sisters and @sad_girls_bar to its continuously growing collection.
The Growing Reputation of FlamingoDAO
At inception, buy-in into the collective was only 60ETH. Now, it’s about 3000 ETH. Owing to its success, the company has attracted investments from some of the brightest minds in the NFT ecosystem including Aave founder Stani Kulechov and Artblocks founder Erick “Snowfro” Calderon.
As it is common with DAOs, the investors see themselves as players who participate in the decision-making processes. More recently, the collective has also attracted the interest of investment funds.
For new members to join the collective, they must either be invited by an existing member or join through one of the sister DAOs (established by its parent company, Tribute). According to the organization’s website, the company can have no more than 100 members at any given time. By limiting its membership to 11 and not publicly advertising its securities, the collectives can avoid SEC rules.
A Spiral Effect
FlamingoDAO’s reputation is such that the brand has made popular previously unknown artists just by including their art in its collection. Riding on Flaming DAO’s initial success, the sister projects have also attracted investments from top individuals.
These projects include The LAO, NeptuneDAO, NoiseDAO, and NeonDAO. Fashion-focused Red DAO raised $12 million in September. This was immediately followed by metaverse-focused NeonDAO which raised $20 million in 45 minutes in October 2021. By December, music-focused Noise DAO then raised $7 million in 30 minutes.
Currently, the number of DAOs exceeds 4,000 with over $8 billion in their treasuries. Syndicate co-founder Ian lee believes that DAOs will hold up to 2% of the $100 trillion global money management industry in a decade.