BEVERLY HILLS, CALIFORNIA - JANUARY 05: Snoop Dogg attends the 21st Annual Warner Bros. And InStyle Golden Globe After Party at The Beverly Hilton Hotel on January 05, 2020 in Beverly Hills, California. (Photo by Jemal Countess/FilmMagic)
Since revealing that he has been collecting NFTs under the alias Cozomo de’ Medici, Snoop Dogg’s adventures in the space remained confined to Ethereum. However, as Cardano slowly gained prominence, he is making a bet on the blockchain.
NFT project Clay Nation announced the NFT collection in collaboration with the legendary rapper Snoop Dogg and Champ Medici on April 11. It will feature “iconic” collectibles, unreleased music, and limited edition clay nation plots on the Cardano blockchain.
In a statement, Clay Nation said,
“We allocated 19.5k lands for holders on a 1:1 basis (sonic and underworld) + 1,500 baked – majority of baked was public mint to welcome new people from beyond Cardano to Clay Nation which in turn benefits holders as we grow.”
According to the official website, Clay Nation essentially is a collection comprising 10,000 digital characters with algorithmically assembled, handcrafted clay traits. Each unique character represents a one-of-a-kind NFT. These are stored on the Cardano blockchain.
The collab was first unveiled last month when Charles Hoskinson, the Co-Founder, and CEO of IO Global (“IOG,” formerly known as “IOHK”), made a cameo in the announcement video featuring two Clay characters made for the rap veteran and Champ Medici.
The current NFT market has been sluggish for several weeks now. The once “wild” market is showing some signs of slowing down as sales on leading NFT marketplaces took a serious hit. OpenSea, for instance, which recorded $5 billion in January, saw its sales slash by half to just $2.5 billion in March.
Many experts believe the reason for declining numbers demonstrates investors treading cautiously amid the Russia-Ukraine war. One such is Modesta Masoit, director of finance and analytics at NFT research firm DappRadar, who recently said that the NFT market was consolidating after its meteoric growth.
Nevertheless, these trends may not appear to be affecting Cardano significantly, as the network witnessed more than 4.2 million native tokens being deployed across 51,949 minting policies.
Despite the growth, Hoskinson believes the regulatory entities are likely to crack down on NFTs in the near future. As reported earlier, the exec maintained that 2022 will probably be one of the best years for the industry and especially for Cardano, but went on to add that a clampdown for DeFi and NFT industries may also be on the cards.