Snoop Dogg will auction his first NFT collection, titled “A Journey with the Dogg,” via Crypto.com. In recent times, a slew of musicians and celebrities have jumped on board the NFT bandwagon. Should this be taken as an indicator of sustained growth? Or are they looking to cash in while the going’s good?
Snoop’s on Board With The Digital Era
Snoop Dogg was one of the few artists that emerged from the early-90s G-funk era that’s still around today. His whole persona has transformed in that time, but he remains a notable figure in the public eye.
In conjunction with Crypto.com, Snoop Dogg will be holding a sale this Friday, April 2nd, at 16:00 PT for 24 hours only. Up for grabs are eight pieces in limited quantities that bring together Snoop Dogg’s early years memories. An original track is also for sale.
Some of the proceeds will go towards emerging artists in the crypto space, as well as Snoop Dogg’s Youth Football League. Commented on the sale, Snoop Dogg said this represents a way to connect with fans. He praised the innovative aspect of NFTs, saying he’s on board with the tech.
“I’ve seen the game change over the years from analog to digital and I’m always happier when the technology lets the fans get to connect with the artists. NFT’s are an amazing innovation and it is an honor to do my first drop with Crypto.com/NFT.”
Crypto.com is primarily known as a payment and exchange platform. Last week, the firm launched its foray into NFTs delivering unique content from famous artists, musicians, athletes, and sports personalities.
Bubble Warning Over NFT Mania
Snoop Dogg isn’t the only A-list musician selling NFTs. The Weeknd also announced an NFT sale this weekend as well. For sale are visual artworks available for a limited time and a 24-hour auction for a one-of-a-kind piece that also features an unreleased track.
Excited to announce that my first NFT drop is taking place on Saturday at 2:00 pm EST on @niftygateway. The collection will feature new music and limited edition art. I developed the artwork with Strange Loop Studios pic.twitter.com/627BO4JekK
— The Weeknd (@theweeknd) March 31, 2021
Commenting on the event, The Weeknd said the technology is democratizing the music industry. He added that NFTs in music would soon become an integral part of how things are done in the industry.
“Blockchain is democratising an industry that has historically been kept shut by the gatekeepers.
I intend to contribute to this movement and can see that very soon it will be weaved into the music industry’s mechanics.”
Despite the positivity coming from both Snoop and The Weeknd, overpriced NFT artwork has caught its fair share of flak recently. Mike Winkelmann, who sold the First 5000 Days for a staggering $69.3mn, warned that crypto artwork is caught in a bubble. Not mixing his words, Winkelmann said the mania is out of control.
“There’s going to be a moment where we realize we got a little crazy and assigned insane value to crap.”
He predicts most pieces will eventually go to zero.
Source: ETHUSD on TradingView.com