20.07.2024

Rapper Snoop Dogg turned out to be a fan of NFT projects. He invested over $ 17 million in them.

The day before, the famous rapper Snoop Dogg made a real discovery for all representatives of the cryptosphere: it turns out that all this time he has been actively investing in NFT projects under the nickname Cozomo de ‘Medici.

In recent weeks, Cozomo has been constantly tweeting about his investment in unique tokens, talking about the large sums of money spent on popular NFT collections. By the way, Snoop Dogg actively participated in the NFT hype on his own behalf, having released his own collection of tokens this spring in collaboration with the creator of the famous meme Nyan Cat.

Recall that NFTs are unique tokens in the blockchains of different cryptocurrencies, which, using cryptography, are tied to certain physical or real objects such as images, songs or videos. The peculiarity lies in the fact that the block chains are transparent, which means that anyone can make sure of someone’s ownership right – albeit on condition of anonymity.

The peak in popularity of NFT was observed in the spring and summer. Now they do not interact with them so often, which is confirmed by the information of analysts. In particular, over the previous week, the volume of sales of NFT tokens amounted to the equivalent of $ 297 million. At the same time, the record at the end of August was 1.05 billion.

Trade volume for unique NFT tokens

However, this does not mean that investors evaporated and forgot about the niche. They continue to acquire representatives of the art, and some of them turn out to be internationally popular stars.

Who buys NFT tokens

Other celebrities have joined the NFT pursuit for millions of dollars this year: NBA star Stephen Curry, blogger Jake Paul, YouTuber KSI , singer Grimes and more. However, unlike them, Snoop Dogg preferred to show more activity under a pseudonym, and not from his real person.

Although, in the end, the performer spoke about what was hiding under the nickname. So, in essence, he did the same thing as other stars – just in a different sequence.

Snoop Dogg tweet confessing

Cozomo de ‘Medici has managed to accumulate an impressive collection of different NFT objects in a short time. According to Decrypt , the total amount of the latter on the rapper’s wallet is at around $ 17.29 million .

The main elements of the collection are nine tokens from the CryptoPunks series , with the cost of the most expensive of which is $ 4.69 million .

We checked the latest data: today, the average selling price of Cryptopanks is the equivalent of 346 thousand dollars. At the same time, the peak of the indicator was 470 thousand – it was recorded on September 5.

Graph of the average selling price of NFT from the CryptoPank series

In addition, Snoop also owns several NFTs from the Rocket Factory collection created by sculptor Tom Sachs. Recall that earlier some elements of the collection were acquired by Budweiser.

Rocket Factory

After the «disclosure», the Cozomo de’ Medici wallet began to receive new tokens from fans – a clear sign that the account really belongs to the famous rapper. Also in his collection is a unique image that Snoop Dogg now uses as his avatar on Twitter. The image looks like this.

We believe that Snoop Dogg is not the only star who is a fan of NFT tokens and contacts them on condition of anonymity. Most likely, some other celebrities do this as well, who do not want to disclose their investments. However, now Snoop’s investments will clearly be monitored and analyzed. Therefore, in the wake of the hype, you should probably wait for the launch of a new NFT collection from the artist.

Leave a Reply

Your email address will not be published. Required fields are marked *