Snoop Dogg will release unreleased music as NFTs
As part of a collaboration with Cardano-based platform Clay Nation, American musician Snoop Dogg will release unreleased music as non-fungible tokens (NFTs) on the Cardano ($ADA) network. “Iconic collectibles” and “limited edition ‘pitches” will be part of the cooperation.
Clay versions of Snoop Dogg and crypto investor Champ Medici are shown promoting an upcoming Twitter Spaces. The meeting between Snoop Dogg and Cardano founder Charles Hoskinson, with Snoop claiming he has been “looking out that Cardano and this Web3 stuff is fascinating to me.”
— Clay Nation 🏕️ (@The_ClayMates) March 31, 2022
Snoop Dogg and Hoskinson have confirmed that the meeting will take place on April 5 at 6 p.m. UTC. During the Twitter Spaces meeting, details on the following NFT collection, distributed on the Cardano blockchain, will be revealed.
“A collection of 10,000 digital characters with algorithmically assembled, handcrafted clay traits,” according to Clay Nation. Although the original collection is sold out, several Clay Nation NFTs may now be found on secondary markets. Good Charlotte, an American rock band, has collaborated with the NFT collection.
Cardano-based NFTs from Snoop Dogg is being produced just as the cryptocurrency network reaches a new milestone. According to Morgan Schofield, Cardano’s Head of Ecosystem Growth, the network has made over 4 million native tokens using approximately 50,000 minting policies. Cardano now has over 4 million non-fungible tokens and non-ADA tokens in circulation.
Due to the milestone, Cardano momentarily led key altcoins in terms of price performance, which came amid a broad cryptocurrency market resurgence. Cardano’s strong growth could be attributed to its thriving decentralized finance ecosystem, which surpassed the $300 million barrier in total value locked — $400 million if staking is included.
Coinbase (NASDAQ: COIN), a Nasdaq-listed cryptocurrency exchange, added Cardano to its staking service earlier this week. They are allowing users to earn a return on their ADA holdings by participating in the network’s Proof-of-Stake mechanism.
The release is part of Coinbase’s intentions to scale its staking portfolio throughout the year, according to Senior Product Manager Rupmalini Sahu’s announcement. Cardano “aims to enable smart contracts to allow developers to build a wide range of decentralized finance (DeFi) apps, new cryptocurrencies, games, and more,” according to Sahu’s release. Coinbase’s move comes as the Cardano network’s transaction volume soars and the total value locked in its decentralized finance (DeFi) applications rise.