Calvin Cordozar Broadus Junior, aka Snoop Dogg, is the latest celebrity in 2021 to get in on the crypto act. After declaring his interest in Bitcoin and a US$17 million NFT collection, he’s now dropped his own NFT, and it’s on fire.
Coldie Meets ‘The Doggfather’
The single one-of-one NFT, known as “Decentral Eyes Dogg”, is a collaboration between renowned artist Coldie and “The Doggfather”. The artwork comprises a composite portrait of the US rapper, created by collaging 10 different images of his face throughout his life.
According to SuperRare:
The purple area is a nod to his hiphop royalty. The halftone and grunge effect on his left eye speaks to his being an OG in the game, and the Doggystyle references are a nod to his epic first release. Snoop recorded new audio exclusively for this artwork to add that swagger and put the signature Snoop touch on top.SuperRare
Shortly after announcing the drop, Snoop Dogg offered some insight to prospective purchasers of what went into the piece:
This work is a journey. The tech we used allows the viewer 2 travel thru the piece and experience highlights of my career with some audio narration from me.Snoop Dogg, Twitter
NFTs on Fire, For Now
The drop got some crypto-flush bidders excited, quickly resulting in the price skyrocketing north of half a million dollars.
After a slow start to the bidding of 4.2 ETH, things quickly escalated with ETH-based offers increasing to 85 and then 94. It settled on 169 at the time of publication, equating to approximately US$773,000. With just over two days left in the auction, it remains to be seen whether Snoop Dogg’s debut NFT is able to eclipse the elusive seven-figure mark.
Right now, the NFT markets are on fire, leaving many commentators wondering when the proverbial party will end. The consensus appears to be that the parabolic rise in NFTs over the past year is unlikely to be sustainable in the long run.
Even Gary Vee, who has his own NFT collection, believes that an NFT winter is coming and that 98 percent will go to zero. While no one can predict the future and which projects are guaranteed to succeed, brave traders who regard NFTs as worthless JPEGs now have the ability to short them.
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