LIT DAO’s De Niro NFTs sparkle on secondary market

By Raffaele Redi

LIT’s second NFT project is called Motion, but is also known simply as Project Two

Robert De Niro NFT                                 
The De Niro NFTs’ facial expressions react to ETH price movements – Photo: OpenSea
                                

The second NFT project from the LIT Decentralised Autonomous Organization (DAO), which features the actor Robert De Niro, reached a trading volume of $750,000 (ETH 243) on the OpenSea platform in just a few hours.

The project, called Motion, saw the DAO dropping over 4,600 dynamic NFTs featuring the Hollywood star Robert De Niro, with his facial expression programmed to react to ether (ETH) price movements in different time increments.

The NFT series, which originally sold out in around four minutes, has so far garnered the attention of over 3,600 buyers, with the most expensive of the NFTs currently listed on the secondary market for a whopping $1.3m.

“LIT Project Two is a reflection, an exploration of the dynamic interplay between market volatility and emotional volatility. This reactive NFT watches Ethereum at all times and responds to its movements,” explained the DAO.

Project One

The DAO previously launched another project, dubbed Project One, which involved New York Times bestselling author Neil Strauss and resulted in one of the best-selling non-fiction books on the NFT platform OpenSea.

The DAO released Strauss’s Survive All Apocalypses as the first major decentralised book minted on the Ethereum blockchain, witnessing a trading volume of ETH357 or $1.1m for the 892 NFTs that are on sale on the secondary market.

The book can be read on the NFT marketplace, as users can access it directly from an OpenSea account by tapping to turn the page on mobile, or clicking on desktop.

The experiment, operated through a smart contract developed by Transient Labs, opens up new possibilities for authors in the NFT space because one of the NFTs – selected randomly via Chainlink – will be granted the copyright in the book (although some other rights will be retained by the DAO). As LIT puts it: “What happens when a reader is the publisher?”

The LIT DAO

LIT claims to be one of the first cultural DAOs, with its members ranging from holders of dogecoin and other meme coins to Artblocks, CryptoPunks and BAYC collectors. The DAO has also come to the attention of crypto influencers such as US rapper Snoop Dogg, known in the NFT environment as Cozomo de’ Medici.

“After LIT received so much attention, we ended up speaking with Cozomo de’ Medici himself and sharing what we’ve told no one else: the destination of this journey,” said the DAO.

At time of writing (16:45 GMT) the LIT token, in line with major cryptos, is trading higher by over 13% at around $0.0023 in the last 24 hours, with a trading volume of $1m and a market cap of nearly $116,400.

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