Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…
On the Cardano ($ADA) network, Snoop Dogg aims to distribute unreleased songs as non-fungible tokens (NFTs). Clay Nation, a Cardano-based NFT project, collaborates with the rapper to make the change.
What should we make of this new partnership? Most importantly, how can the deal affect the music and blockchain world?
A New Way to Enjoy Snoop Dogg’s Music
Snoop Dogg has long been a pioneer in hip-hop music and has contributed significantly to its development. Non-fungible tokens, the creation of his metaverse, and investments in blockchains are all part of his strategy.
After the SandBox’s “Snoopverse,” the purchase of digital land, and the creation of a DAO, his intentions are clear. In short, the Snoop Dogg NFT world is now a well-established brand in the web3 economy.
Snoop Dogg has endorsed the Cardano blockchain after creating a music video in the metaverse. With Clay Nation’s help, he’s developing an NFT for the platform.
There are 10,000 digital objects in Clay Nation’s NFT collection. The project relies on handmade artworks using a style that reminds clay sculptures. Snoop and Charles Hoskinson, Cardano’s founder, discussed new developments in a podcast on April 5th.
After announcing his NFT music label, Snoop Dogg appears unstoppable. His strong NFT endorsement has allowed the artist to experiment with new ways to reach his fans.
The Partnership with Clay Nation
Snoop has partnered with a digital asset marketplace recognized for its 3D artwork to create another metaverse endeavor. Clay Nation’s official Twitter page announced a collaboration with the Californian rapper to develop the Baked digital collection.
Clay Nation’s recognizable handmade clay miniatures will have the form of 3D avatars. Those purchasing these NFTs will have access to “unreleased music and limited edition pitches.”
NFTs on Cardano are digital assets that typically take their inspiration from physical objects in the digital world. It’s possible to buy and transfer the collectibles onto a wallet and a broad utility. For example, Clay Nation has always been quite clear about the potential combination of its NFTs with AR and VR technology.
The rapper has experimented with cryptocurrencies and digital asset collecting before. In late March, we learned that Snoop Dogg and Wiz Khalifa collaborated on an ApeCoin-backed NFT collection.
Cardano’s Big Bet on NFTs
Non-Fungible Token initiatives are gaining popularity on the Cardano blockchain. These projects offer artists a rare chance to earn and add value to the Cardano ecosystem. Collectors can also take advantage of these rare possibilities by owning rare items in their wallets.
Cardano, the third-largest blockchain platform by market value, has risen to the top of the list. Investors are upbeat about Cardano’s potential development as more of its initiatives come to light.
Cardano’s ecosystem is becoming more adaptable, sustainable, and rapid due to its uniformity. Projects are now more viable and flourish without complications thanks to the steady expansion of the system.
Unlike Ethereum, Cardano (with its token ADA) does not suffer from ongoing data congestion issues. Furthermore, Cardano distinguishes itself on the market for its solid eco-friendly mission. Samsung’s latest deal with the project is an excellent example of the team’s policy.
According to Hoskinson, 2022 is likely to be an excellent year for the sector, especially for Cardano.
Despite the rise of NFTs, the company’s creator is confident that regulators will take action against them soon. However, DeFi and NFT businesses may also face a clampdown in the future, as he explained.
Impacts on the Music Industry
Some experts in the sector fear that NFTs will only bring a new form of arts patronage to this sector. Their overall effect would be harmful to the artistic world, but not everyone shares this opinion.
What skeptics claim is that music’s availability would decrease in the future if NFTs complete their revolution. The concept of scarcity introduces a level of discrimination, precisely as we have always observed with paintings.
NFT fans generally remind the public that this technology makes the use of ownership in the digital world possible. In an increasingly virtual economy, it is undoubtedly necessary to introduce a way to regulate the matter of ownership. However, the debate should probably go beyond the mere legal dimension.
There are various benefits available to those who can afford the NFTs, including “free” products and concert tickets. However, by definition, exclusivity isn’t suitable for everyone.
Snoop’s early tactics remind us of major music labels when it comes to the metaverse. In other words, the strategy of the selfless newcomer may hide a different purpose.
Snoop Dogg – Cardano Partnership: Our Final Thoughts
Projects and on-chain activity in Cardano are exploding, as is the currency’s value. There are presently over 800 Cardano-based applications under development, with NFT markets accounting for a significant portion.
Snoop’s new move is not surprising, considering his previous steps in the NFT world. However, as we mentioned, the music industry’s transformation should probably lean towards higher artistic availability.
Introducing scarcity in a world that historically grew thanks to its omnipresence may lead to considerable changes in the market.