Yahoo Finance How Is Snoop Dogg Investing in the Metaverse and NFTs?
Written by Aditya Raghunath at The Motley Fool Canada
Snoop Dogg, one of the most popular celebrities part of the hip-hop culture, has been investing in cryptocurrencies for a while now. While billionaires such as Elon Musk and Mark Cuban have driven prices of meme tokens, including Dogecoin and Shiba Inu, higher, let’s see if Snoop Dogg’s crypto investments will result in similar euphoria.
Here, we’ll analyze the recent investments made by Snoop Dogg in this highly disruptive sector.
Snoop Dogg plans to digitally farm weed
Earlier this week, Snoop Dogg announced a partnership with MOBLAND, which is a mafia-themed metaverse-based game. Backed by stalwarts such as Do Kwon and Justin Kan, MOBLAND aims to develop the first grow-and-earn feature by bringing digital cannabis farms to the metaverse.
MOBLAND will introduce a limited collection of Snoop Dogg-branded digital marijuana farm NFTs, or non-fungible tokens, in addition to access to exclusive content from ChampMedici.
According to Roy Liu, the co-founder of MOBLAND, the evolution of NFTs has shifted from an individual character or an item to land and real estate and now to the utility on top of real estate.
Snoop Dogg explained, “If it’s flipping hamburgers at McDonald’s, be the best hamburger flipper in the world. Whatever it is you do you have to master your craft. I have been mastering my craft for decades. My son showed me the importance of collaboration with MOBLAND to introduce the first-ever digital weed farms as NFTs. There is a paradigm shift happening here and I want to be at the forefront of this.”
Snoop Dogg launches metaverse project on Cardano
Snoop Dogg has also partnered with Clay Nation to launch an NFT collection on the Cardano (CRYPTO:ADA) blockchain, according to a report from Business Insider. Clay Nation already owns more than 10,000 NFT characters that are sold out. However, these tokens have a floor price of 2,696 ADA tokens, which amounts to US$2,562 at current prices.
Cardano is the ninth-largest cryptocurrency in the world and is valued at US$32 billion by market cap. At the time of writing, Cardano’s blockchain can process 250 transactions per second and the launch of a scaling solution will soon increase transaction speeds on the network.
The upcoming hydra solution will create individual or separate off-chain “heads” for certain transactions, and each head will process 1,000 transactions per second.
Snoopverse will be built on the Sandbox platform
Last year, Snoop Dogg disclosed he will build a virtual world on Sandbox (CRYPTO:SAND), which is fast gaining traction in the metaverse space. Known as the Snoopverse, Snoop Dogg will launch a digital version of his mansion in the Sandbox metaverse.
You can purchase an early access pass to the Snoopverse where users can be involved in the development of a virtual world. The Snoopverse began selling digital land last December, which includes the auction of three estates.
Valued at US$3.34 billion by market cap, Sandbox runs on the Ethereum blockchain and aims to help users create and monetize gaming experiences. It already has a portfolio of 166,464 plots of digital real estate known as Lands. These are NFT products where owners can customize experiences in the metaverse.
The post How Is Snoop Dogg Investing in the Metaverse and NFTs? appeared first on The Motley Fool Canada.
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Fool contributor Aditya Raghunath has no position in any of the stocks mentioned. The Motley Fool owns and recommends Ethereum.
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