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Snoop Dogg Goes Crypto Crazy With Cardano Founder and NFTs

·5 min read

Key Insights

  • Snoop Dogg to release an NFT collection on the Cardano blockchain in collaboration with Clay Nation.

  • Charles Hoskinson might appear in a future music video with Snoop Dogg in a teased collaboration.

  • The increased utility of the Cardano blockchain and its non-fungible token (NFT) support could lead to an increase in ADA’s value.

Cardano (ADA) is one of the largest blockchain networks that features functionalities such as smart contracts and decentralized finance (DeFi) whilst also having support for non-fungible tokens (NFTs).

ADA is the native cryptocurrency that is used by the users of Cardano, where through it, they can pay for the transaction fees or even stake the coin and unstake it at any point in time.

Snoop Dogg’s NFT Empire is Expanding

The American rapper known as Snoop Dogg is sharing his new music in the form of non-fungible tokens (NFTs), which will be released on the Cardano blockchain.

This NFT launch was conducted through a collaboration between Clay Nation and Snoop Dogg.

Clay Nation posted the official announcement on March 31, 2022, where we can see a video of Snoop Dogg and Champ Medici having a discussion when Charles Hoskinson, the founder of Cardano, shows up on the TV and invites them to collaborate.

The rapper met Hoskinson on Twitter Spaces, where anyone could attend the event through the social media platform.

This could also be an indication that Hoskinson could potentially appear in a future music video minted on the Cardano blockchain in the form of an NFT.

Clay Nation is a collection of 10,000 digital NFT characters made of clay.

However, this is not the first time the rapper has launched a non-fungible token (NFT) collection or has been a part of one.

On November 25, 2021, Snoop Dogg announced an NFT known as “Decentral Eyes Dogg,” which consisted of animation with several portraits of him and an NFT that sold for 188 Ether (ETH).

Then in February of 2022, Snoop Dogg released songs in collaboration with Gala Music, where 25,000 NFTs were released in circulation and where the rapper reportedly raised $125 million.

Other high-profile investments from Snoop Dogg include being an early investor in Reddit, Robinhood, and the Swedish payments company Klarna.

Due to all of this, we can see that Cardano is next in the lineup of the NFT endeavors that Snoop Dogg is pursuing, and this could lead to an increased usage of the blockchain, as well as higher demand for the ADA cryptocurrency.

The actor and comedian Martin Lawrence also started selling his Cardano-powered NFTs. On June 11, 2022, Lawrence announced that he sold his first NFT for 3,000 ADA, titled “Zoltan Roberts,” from the collection known as “Martin: The Reunion.”

Steve Aoki, one of the most well-known DJs on a global level, said that he makes more from NFTs than from music royalties.

Aoki sold an NFT for $888,888.88 last year, which was paid by former T-Mobile CEO John Legere. This was a part of his collection known as “Dream Catcher,” which was created by visual artist Antonio Tudisco.

Based on Steve Aoki’s experience, it is clear that artists such as actors, DJs, rappers, or anyone else within the creative industry can monetize their content or create new content directly through the usage of a blockchain platform.

This means that releasing their art in the form of an NFT is a lot more financially viable when compared to just relying on royalties gained from their other content.

Artists create NFTs to enlarge their community, directly engage with it on a deeper and more intimate level, grow their wealth, and have a higher level of control over how their art is created, distributed, and monetized.

Technical Indicators

On June 20, 2022, Cardano (ADA) was trading at a value of $0.4964.

When we look at its recent performance, in the span of the last 24 hours, ADA’s market capitalization increased by 6%, which is also the case for its overall value. However, its trading volume saw a decrease of 6.62%.

For us to get an estimation of what this price point indicates for the ADA cryptocurrency, as well as how far we can expect it to grow, we will go over its all-time high point of value and weekly performance stats.

In terms of the all-time high value for ADA, its highest value was on September 2, 2021, when it reached $3.09 in value.

At its all-time high, ADA was $2.5936 higher in value, or 522.48% higher in value than its value on June 20.

When we go over its weekly performance, ADA’s 7-day low was at a value of $0.434499, while its 7-day high was at a value of $0.535235. This marks a difference of $0.100736 or 23.18%.

With the boost in popularity that the overall Cardano (ADA) blockchain will receive based on the Snoop Dogg NFT collection, Champ Medic, and Charles Hoskinson collaboration, we can expect ADA to reach a value of $1 by the end of July, assuming that it manages to break past the $0.6 price barrier.

This article was originally posted on FX Empire

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