If Snoop Dogg were to drop an NFT, you would expect the cannabis lover to do so at 4/20.
He naturally dropped it as if it was hot today.
A collaboration between Snoop and the digital artist behind the 2011 Nyan Cat meme fetched 14.2 ETH ($ 33,000) in an auction on the OpenSea market.
NFTs, or non-fungible tokens, are blockchain-based digital assets that provide ownership of an associated asset, usually virtual trading cards, collectibles, or artwork.
MFT-based NFTs have a moment. The Overly Attached Girlfriend meme, for example, sold for $ 411,000 earlier this month. The Nyan Dogg NFT builds on that and transforms the rainbow feces pop-pie-shaped flying cat into a cap and chain-clad dog.
The artist and musician joins forces with BeetsDAO, a decentralized autonomous organization founded on Discord less than a month ago. DAOs have a hierarchical leadership structure and rather distribute control over their members. The investor members pooled their funds to buy various musical NFTs. As it happened, two members contacted Snoop’s manager and Chris Torres (Nyan Cat).
“We see the power of the DAO in action,” said co-founder Jordan Garbis Decipher via SMS. “A collective of people with different backgrounds, experience and connections.”
Cats and dogs – indeed different backgrounds.
Will Gottsegen reported.