Non-fungible tokens (NFTs) continue to grow in popularity amongst digital assets of the cryptocurrency space as the unique assets continue to be attractive to investors of the space. For the uninitiated, NFTs represent tokenized work of media (graphic, video, and audio), which is often obtained and processed on the Blockchain, representing no unique ownership.
Since last year, celebrities and individuals have started to meddle with the affairs of the unpopular space, a move which had incredibly boosted the growth of the space. However, Snoop dog is the latest celebrity to be involved with NFTs, as his collaborative piece of work has now made him at least $33,000 on Opensea.
BeetsDAO facilitated the collaboration of Snoop and Hazy
According to the latest report from the digital marketplace- Opensea, the famous rapper has now released his NFTs, much to the delight of his fans. The piece of work, which was released by the cannabis-loving rapper, was in collaboration with the digital artist behind the Nyan Cat. BeetsDAO facilitated the collaboration between Snoop Dog and the digital artists.
Before now, Hazy Nyan- the digital artist credited with the Nyan Cat meme, had realized more than $800,000 on his previous works. However, he has now collaborated with Snoop to sell the Nyan Dogg NFT on Opensea, which has reportedly generated over $33,000 in sales since its release yesterday.
The other works of the digital artist are still auctioning on Opensea, with the Nyan Cat and Nyan Blunt already generating more than $200,000 in revenue. This further means that NFTs continue to be attractive to crypto investors, and the status quo will not change for now as the market continues to wax in strength. The Nyan NFTs built on the Meme-themed NFT structure are believed to be successful due to the high demand for meme-based NFTs.
NFTs continue to attract investors
Earlier this month, the highest-grossing meme-based NFT- Overly Attached Girlfriend, sold for a whopping $411,000, a testament that confirms that meme-based NFTs are currently in high demand. The organization which facilitated the collaboration of Snoop Dog and Hazy- BeetsDAO, have also started to make waves, barely two months after launching.
Like every typical DAO, the decentralized autonomous organization does not operate any form of hierarchy system, as members have equal control over the affairs of the DAO. The project investors have contributed heavily to buying digital works of musical artists, intending to generate huge returns off these NFTs.
According to one of the founders of the DAO- Jordan Gabis, he believes that when individuals from a variant background come together to achieve a common goal, the result is always astonishing. However, the statement of the DAO Executive is also a testament to how popular and buoyant the booming NFT space has become so far.
The NFT market is expected to amass more funds than it has already made in the year, with many analysts expecting the market to rival the leading digital assets soon, despite a difference in their offerings.