The Cardano platform has recently received the backing of a hip-hop superstar who will issue tokens associated with it.
The Rapper Demonstrates The Potential Of The Nft Market
Without a doubt, all key indicators in the token market indicate that a new asset class is being approved.
Despite the unstable development, NFT trading has become more and more active in recent years, and at the same time, the number of different options available has increased. But widespread adoption requires attention from the general public.
After all, as of April 2022, there is still a vast majority of investors who do not invest in NFTs and in some cases do not have cryptocurrencies in their accounts.
But, fortunately for the industry, there are outstanding stars who, for their part, are betting full time on the NFT market and thereby consistently raising the level of awareness.
Rapper Snoop Dogg has already shown that he, like no one else, recognized the potential of the NFT.
Snopp Dogg owns a diverse and valuable NFT portfolio. But almost nothing is known about real possessions.
The rapper’s collection was worth more than US$17 million at certain times. It doesn’t seem unlikely that even more tokens have been owned by Snopp Dog in the past six months.
His NFT collection likely includes CryptoPunks, Art Blocks, or Meebits.
For their part, CryptoPunks are primarily responsible for the high value of Snopp Dog’s NFT portfolio (over $13 million as of September 2021).
After all, Snopp Dogg was an early adopter of the NFT and is considered the preeminent face of disruptive change in the music industry.
In the past, Snopp Dogg has already created the A Journey with the Dogg NFT collection in collaboration with cryptocurrency exchange Crypto.com.
The collection is designed to give fans an authentic insight into the life of a rap artist.
At the same time, Snopp Dogg launched the “Snoopverse Early Access Pass”. With these NFTs, 5000 owners get access to the exclusive world of Snopp Dogg in his very own Snoopverse at The Sandbox.
The revenue is almost two million US dollars. For Snopp Dogg, the current development should be extremely lucrative. Demand certainly exists.
Along with Wiz Khalifa, Snopp Dogg released eight new songs that were released as NFTs. New songs will be sold exclusively through the new ApeCoin cryptocurrency, after which the price of Ape skyrocketed.
Snoop Dogg recently bought the record label Death Row Records where he started his career.
The musician has revealed plans to use his recently acquired company as a blockchain-based record label.
Snoop Dogg himself calls it the NFT label, with which he wants to create an entirely new supply chain for the music industry of the future.
Snoop Dogg’s Nft Will Soon Be Available For Purchase Via Cardano
The Cardano platform recently received the backing of hip-hop superstar Snoop Dogg, who will issue Cardano-related tokens on the ADA blockchain. This announcement is a big step forward for the Cardano ADA project.
Snoop Dogg is heading straight ahead on his crypto journey. With the latest move to launch NFT Collectibles on Cardano, he is banking on its stellar growth over other cryptocurrencies.
Cardano founder Charles Hoskinson has announced a partnership with Snoop Dogg to use blockchain technology to create new solutions in the music industry.
While this partnership is Snoop Dogg’s first foray into NFTs, he was one of the earliest proponents of alternative blockchain technologies. Most recently, he founded Snoopverse on SandBox in the Metaverse.
Cardano has seen a surge in transaction volume in recent months. Moreover, the total volume of locked assets (TVL) on the Cardano blockchain has grown by 25,000% since the beginning of the year and reached $300 million.
In addition, another milestone has been reached. Currently, over four million native assets have been created on the Cardano blockchain.