American rapper Snoop Dogg is set to issue unreleased music as non-fungible tokens (NFTs) on the Cardano ($ADA) blockchain as part of a collaboration with Cardano-based platform Clay Nation. The collaboration will also involve “iconic collectibles” and “limited edition ‘pitches’.”
In a video promoting an upcoming Twitter Spaces meeting between Snoop Dogg and Cardano founder Charles Hoskinson, clay versions of the American rapper and crypto investor Champ Medici are seen touting the meeting, with Snoop saying he has been “checking out that Cardano and this Web3 stuff is exciting to me.”
The meeting is set to occur on April 5 at 6 pm UTC, and has been confirmed by both Snoop Dogg and Hoskinson. Details on the upcoming NFT collection, to be released on the Cardano blockchain, are set to be known during the Twitter Spaces meeting.
Clay Nation itself offers “a collection of 10,000 digital characters with algorithmically assembled, handcrafted clay traits.” The original collection is sold out, although some Clay Nation NFTs are now traded on secondary marketplaces. The NFT collection has in the past collaborated with Good Charlotte, an American rock bank.
Snoop Dogg’s Cardano-based NFTs are being released shortly after the cryptocurrency network hit a new milestone. According to Morgan Schofield, Head of Ecosystem Growth at Cardano, the network has now issued more than 4 million native tokens on top of it across nearly 50,000 minting policies. In effect, over 4 million non-fungible tokens and non-ADA tokens are now circulating on Cardano.
The milestone comes amid a wide cryptocurrency market recovery that saw Cardano briefly lead major altcoins in terms of price performance. Cardano’s performance may be related to its booming decentralized finance ecosystem, which has recently topped the $300 million mark — $400 million if we count staking – when it comes to total value locked.
Earlier this week, Nasdaq-listed cryptocurrency exchange Coinbase (NASDAQ: COIN) added Cardano to its staking offering, allowing users to earn a yield on their ADA holdings on the exchange by participating in the network’s Proof-of-Stake mechanism.
According to an announcement published by Coinbase’s Senior Product Manager Rupmalini Sahu, the rollout is part of Coinbase’s plans to scale its staking portfolio throughout the year. In the announcement, Sahu noted Cardano “aims to enable smart contracts to allow developers to build a wide range of decentralized finance (DeFi) apps, new crypto tokens, games, and more.”
Coinbase’s move came as the transaction volume seen on the Cardano network explodes and the total value locked on its decentralized finance (DeFi) applications keeps on growing.
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