Snoop Dogg Has a $17 Million NFT Collection including 9 CryptoPunks and a PEPELISA
Who would have guessed it, Snoop Dogg: the NFT collector and a holder of one of Ethereum’s so-called “Blue Chip” NFTs!
This development is exciting and unexpected.
It is a pleasant surprise that Snoop does believe in new technology, and is embracing it.
On September 20, the millionaire rapper told his 19 million followers that he was the face behind the anonymous Twitter personality, Cozomo de’ Medici, who joined Twitter in August 2021. The sole purpose of Cozomo (Snoop) is to “share tales and insights from the wild world of NFTs.”
Diving deeper, it becomes evident that Cozomo has a $17 million collection worth of several NFTs as per his OpenSea profile. Forming a part of Snoop’s enviable unique NFT collection include nine CryptoPunks and a PEPELISA. One of these pixelated CryptoPunks “JPEGs” on Ethereum is valued at around $4.6 million at spot rates. There are several Spaghetti Snoops and several “Drop it Like It’s Hot” waveform collectibles, just in case you might be wondering.
What’s special about Snoop—or the person acting on behalf of the rapper—is the deep understanding of the NFT and Ethereum culture. Since activating his Twitter account over the past few weeks, he has been tweeting consistently and keeping all vibes around NFTs. For example, on September 3, he revealed his first lucky purchase of what critics say is a “useless” JPEG went for $2 million. In his assessment, the scoop was undervalued and would have instead cost him $4 million.
While acknowledging that he is new to NFTs, the rapper makes it public that his family has been art patrons for many years. During that time, he explains, they have one commanding philosophy when collecting art: “Best Painters, Best Paintings.”
Still, without getting carried away, Cozomo is in the NFT space to flip and one day make a fortune. Over the years, Snoop hopes his collection will command more than $100 million, adding to his already impressive net worth. If things turn for the worse, he says, and his money goes down the drain, it would humiliate him.
There is no doubt the crypto and NFT market works mysteriously with the connection between ERC-20 and ERC-721—and its variant standard—tokens, haphazard. In the past few months, amid the expansion and contraction of crypto prices, NFTs have held firm, even outperforming leading cryptocurrencies whenever prices stand.
Notably, CryptoPunks are outrageously expensive and available for a ballpark of $1.2 million. Those who got in earlier, willingly accepting the free airdrop from Larva Labs, are laughing all the way to the bank. However, those who dumped them on receipt are crying in their showers for missed opportunities. As mentioned earlier, Snoop owns nine CryptoPunks, each retailing for hundreds—and sometimes millions of dollars. He admits that before his purchase, each of those apes was selling for a few thousand ETH before sellers doubled their offers moments after buying them.
The flip-flopping correlation may be hints of market exuberance, with some traders even using the hysteria around NFT “artificial” adoption as a signal for peaks. Indeed, looking back at CryptoKitties and the clog, ETH went on to tank from $1.4k to $80. However, time has changed, and Ethereum is more robust with a well-developed ecosystem—DeFi—that may offer support if NFT caves in. Critics say ETH prices are over-priced, and the dump is on. Conversely, optimists are looking at Ethereum from many angles, and their crystal ball says ETH will reach $10k in the long-term.
Talk of ultrasound money and the migration to a more effective system with Proof-of-Stake and scaling would boost ETH. At present, there is no doubt that the rise of NFT is playing a big part in making ETH a store of value. Of all the coins destroyed, more than half are tied to OpenSea—and these NFTs.
The awareness coming along with Snoop joining the NFT train could see more celebrities being part of the bandwagon. That’s not to say Snoop is the first and already waist-deep in money. Mark Cuban, KSI, and others are already proud owners of NFTs.