Snoop Dogg becomes cryptogal with Cardano founder and NFTs
Key insights
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Snoop Dogg releases an NFT collection on the Cardano blockchain in collaboration with Clay Nation.
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Charles Hoskinson may appear in a future music video with Snoop Dogg in a teased collaboration.
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The increased benefit of the Cardano blockchain and the support for non-fungible tokens (NFT) may lead to an increase in the value of the ADA.
Cardano (ADA) is one of the largest blockchain networks with features such as smart contracts and decentralized finance (DeFi), while supporting non-fungible tokens (NFT).
ADA is the original cryptocurrency used by Cardano users, through which they can pay for transaction fees or even bet the coin and defer it at any time.
Snoop Dogg’s NFT empire expands
The American rapper known as Snoop Dogg shares his new music in the form of non-fungible tokens (NFT), which will be released on the Cardano blockchain.
This NFT launch was conducted through a collaboration between Clay Nation and Snoop Dogg.
Clay Nation released 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, appears on 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 emblazoned on the Cardano blockchain in the form of an NFT.
Clay Nation is a collection of 10,000 digital NFT characters made from clay.
However, this is not the first time the rapper has launched a collection of non-fungible tokens (NFT) or been 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).
So in February 2022, Snoop Dogg released songs in collaboration with Gala Music, where 25,000 NFTs were released into circulation and where the rapper allegedly raised $ 125 million.
Other high-profile investments from Snoop Dogg include being an early investor in Reddit, Robinhood and the Swedish payment company Klarna.
Because of all this, we can see that Cardano is the next in the series of NFT work that Snoop Dogg is doing, and this may lead to increased use of the blockchain, as well as higher demand for the ADA cryptocurrency.
Actor and comedian Martin Lawrence also began selling his Cardano-powered NFTs. On June 11, 2022, Lawrence announced that he was selling his first NFT for 3,000 ADA, entitled “Zoltan Roberts”, from the collection known as “Martin: The Reunion”.
Steve Aoki, one of the most famous DJs on a global level, said he earns more on NFTs than on royalties.
Aoki sold an NFT for $ 888,888.88 last year, which was paid for by former T-Mobile CEO John Legere. This was part of his collection known as “Dream Catcher”, which was created by visual artist Antonio Tudisco.
Based on Steve Aoki’s experience, it’s clear that artists such as actors, DJs, rappers or others in the creative industry can monetize the content or create new content directly through the use of a blockchain platform.
This means that publishing their art in the form of an NFT is much more financially profitable compared to just relying on royalties from other content.
Artists create NFTs to expand their community, engage directly with it on a deeper and more intimate level, increase 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) traded at a value of $ 0.4964.
When we look at the latest performance, over the last 24 hours, ADA’s market value increased by 6%, which is also the case for its total value. However, trading volume saw a decline of 6.62%.
In order to get an estimate of what this price point indicates for the ADA cryptocurrency, as well as how far we can expect it to grow, we will go through the highest value ever and weekly performance statistics.
As for the highest value ever for the ADA, its highest value was on September 2, 2021, when it reached $ 3.09 in value.
At its record high, the ADA was $ 2.5936 higher in value, or 522.48% higher in value than the June 20 value.
When we go over the weekly performance, the ADA’s 7-day low was $ 0.434499, while its 7-day high was $ 0.535235. This marks a difference of $ 0.100736 or 23.18%.
With the increase 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 the ADA to reach a value of $ 1 by the end of July, provided it succeeds to break past the $ 0.6 price barrier.
This article was originally posted on FX Empire
