If Snoop Dogg gave up an NFT, you would expect the cannabis-loving rapper to do it on 4/20.
So, of course, he got rid of it as if it were hot today.
A collaboration between Snoop and the digital artist behind the 2011 Nyan Cat meme won 14.2 ETH ($ 33,000) in an OpenSea auction.
NFTs or non-fungible tokens are blockchain-based digital assets that confer ownership of an associated asset, usually virtual trading books, collections, or pieces of art.
Meme-based NFTs have a moment. For example, the meme of the overly attached Girlfriend sold for $ 411,000 earlier this month. Nyan Dogg NFT builds on this, turning the rainbow-shaped, Pop Tart-shaped cat into a hat and a dog dressed in a chain.
The artist and musician came together with the help of BeetsDAO, a decentralized autonomous organization formed on Discord less than a month ago. DAOs do not have a hierarchical leadership structure and instead distribute control among their members. Its investor members have raised funds to buy various music NFTs. As it happened, two members had connections with Snoop’s manager and Chris Torres (Nyan Cat).
“We see the power of DAO in action,” said co-founder Jordan Garbis decrypts by text message. “A team of people with different backgrounds, experience and connections.”
Cats and dogs – indeed, different environments.
Will Gottsegen contributed to the reporting.