FlamingoDAO NFT Portfolio Valuation Touches $1B

blockchain.news:

FlamingoDAO’s non-fungible token (NFT) portfolio is now worth an estimated $1 billion, DAO’s members and reports from Forbes confirmed.

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

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

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

According to its site, FlamingoDAO said that it aims to “give its members the ability to develop and deploy NFT-focused investment strategies.”

A decentralised autonomous organisation (DAO) is an organisation represented by rules encoded as a transparent computer program, controlled by the organisation members and not influenced by outside entities.

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

Due to its astronomical rise in value, entries for new members has become more demanding.

FlamingoDAO said that in the beginning, membership for the DAO was provided on a first-come, first-serve basis. Still, now, prospective members have to get invited in by an existing member or gain entry through involvement with one of Flamingo’s sister DAOs, which includes The LAO, the DeFi-focused NeptuneDAO, music-focused NoiseDAO or metaverse-focused NeonDAO.

The DAO describes its members as a mix of traders, developers, artists and builders. Also, as Flamingo’s success has sent its