If Snoop Dogg were to drop an NFT, you'd expect the cannabis-loving rapper to do so on 4/20.
So, of course, he dropped it like it's hot today.
A collaboration between Snoop and the digital artist behind the 2011 Nyan Cat meme netted 14.2 ETH ($33,000) in an auction on the OpenSea marketplace.
— ☆Chris☆ (@PRguitarman) April 17, 2021
NFTs, or non-fungible tokens, are blockchain-based digital assets that confer ownership of an associated asset, typically virtual trading cards, collectibles, or pieces of art.
Meme-based NFTs are having a moment. For example, the Overly Attached Girlfriend meme sold for $411,000 earlier this month. The Nyan Dogg NFT builds on that, transforming the rainbow-defecating, Pop Tart-shaped flying cat into a cap and chain-clad dog.
The artist and the musician came together with the help of BeetsDAO, a decentralized autonomous organization formed on Discord less than a month ago. DAOs lack a hierarchical leadership structure and instead distribute control across their members. Its investor members have pooled their funds together to buy various musical NFTs. As it so happened, two members had connections to Snoop's manager and Chris Torres (Nyan Cat).
"We're seeing the power of the DAO in action," co-founder Jordan Garbis told Decrypt via text message. "A collective of people with different backgrounds, experience and connections."
Cats and doggs—different backgrounds, indeed.
Will Gottsegen contributed reporting.
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