More and more artists are turning to NFTs, also known as non-fungible tokens. American rapper Snoop Dogg is now joining the hype by launching his own NFT collection. Interestingly however, is that he won’t be relying on the Ethereum network, but chooses Cardano.
Launching this week, the collection will feature “iconic” collectibles, unreleased music and limited edition Clay Nation plots on the Cardano blockchain. In a statement, Clay Nation said:
“We allocated 19,5,000 lands to holders on a 1:1 basis (Sonic and Underworld) + 1,500 baked – most of the baked was public mint to welcome new people from outside Cardano to Clay Nation, which in its turn in turn benefits the holders as we grow.”
Joined forces with Clay Nation
To launch the NFT Collection, Snoop Dogg, whose real name is Calvin Cordozar Broadus, is teaming up with Clay Nation, a crypto company that makes NFTs from clay figures. They will not only sell Snoop Dogg clay figures, but also unreleased music and pitches.
According to the official website, Clay Nation is essentially a collection of 10,000 digital characters with algorithmically assembled, handmade clay features. Each unique character represents a unique NFT. These are stored on the Cardano blockchain.
The collaboration between Snoop Dogg and Clay Nation was already announced at the end of last month, but now the NFT collection has also been effectively launched. In addition, they do not rely on Ethereum, which is nevertheless a very popular blockchain to launch such projects. It was decided to do all this on the Cardano blockchain.
Competitor Ethereum
Cardano is often mentioned as the major competitor of Ethereum. Morgan Schofield, chief executive of Cardano, said last month that the blockchain had successfully created 4 million NFTs. Nevertheless, Ethereum remains the most popular platform to launch NFT projects on. The blockchain accounts for 97 percent of NFT trading volume.
According to data from Defi Llama, a site that tracks the value of DeFi projects on the blockchains, Ethereum’s trading volume is about $19.85 billion. Cardano is in eighth place in that ranking with a trading volume of $29.4 million.
Cardano takes steps in the NFT market
Snoop Dogg is certainly not the first well-known name to dive into the world of NFTs. Brie Larson, Sylvester Stallone and William Shatner are just a few examples of celebrities who have launched their own NFT, or are actively promoting certain NFTs. Such projects are admittedly not always welcomed by the fans. For example, many Marvel fans have criticized Larson after she announced on Twitter that she had bought an NFT of “Flower Girls”.
The current NFT market has been stagnant for several weeks. The once “wild” market is showing signs of slowing down as sales on leading NFT marketplaces took a serious blow. For example, OpenSea, which registered $5 billion in January, saw its sales halve in March to just $2.5 billion.
Many experts believe that the reason for the declining numbers shows that investors are cautious amid the war between Russia and Ukraine. One is Modesta Masoit, director of finance and analysis at NFT research firm DappRadar, who recently said the NFT market was consolidating after its rapid growth.
Nevertheless, these trends do not appear to significantly affect Cardano, as the network witnessed more than 4.2 million native tokens being staked in 51,949 minting actions. Despite the growth, Hoskinson believes regulators are likely to crack down on NFTs for the foreseeable future.
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