Snoop Dogg, a popular rapper from America, has purchased a couple of non-fungible tokens (NFTs) developed by Ovie Faruq (a former trade person at Barclays). The respective tokens, that are included in a collection named “rektguy,” were purchased on the behalf of Snoop Dogg on 28th May, as stated by Faruq.
The very NFTs are at the moment listed on an authentic account related to the Death Row Records of Snoop Dogg on Opensea.io (the prominent platform for non-fungible tokens). The U.S. rapper turned toward his official account on Twitter to share “Got#Rekt” on the very day along with posting the image of the respective NFT as well as placing it as his Twitter account’s profile picture.
NFT Upsurge Overwhelms Celebrities
NFTs, also known as digital collectibles, have gained a considerable value in some of the previous years, collecting substantial investment funds from Andreessen Horowitz – as well as other such venture capitals – and grabbed the attention of influential personalities taking into account Reese Witherspoon and Paris Hilton among several others. Being a proportion of the market of cryptocurrency, NFTs have, in the recent week, witnessed a decline in the value thereof along with Ethereum (ETH) – the token which is preferably selected for NFT trading – and Bitcoin (BTC).
Faruq stated that he had obtained some progress in his art in the present year, nonetheless, it was because of the people within the NFT as well as the crypto community, thus, it was remarkable to have some prestigious entity that would purchase it voluntarily. He added that his product has not plummeted even now.
Snoop Dogg was the person who purchased the duo of non-fungible tokens in question in return for $760 (approximately 0.38 ETH) for each. The rest of the rektguy non-fungible tokens are currently gaining a considerably high trading value on the venue opensea.io as well as are being cited to be trading at 0.7 to 0.9 ETH.
Faruq and Mike Anderson – the colleague of the NFT creator who has Mando and OSF as his pseudonyms online – quit Barclays in the earlier days of 2022 to get his NFTs traded. In his NFTs, there is a series taking into account many Bored Ape Yacht Club NFTs. In the words of Faruq, he additionally contemplates having significant attention from the community toward his products in the future, and in this way, he along with Mike would get a genuine chance to be benefited from this.
NFTs Just Need to Be Regulated
Faruq moved on to say that a lot of interruption has been posed by the factor of volatility to the market of non-fungible tokens within the crypto world. He elaborated his stance by disclosing that a plunge of up to fifty percent has been seen in the value of a few of the non-fungible tokens in the past time. Nevertheless, he revealed, that the NFT market would always be subjected to volatility and connected to tech stocks. He expressed his confidence in the regulation of the respective market, saying that it will turn into a comparatively stable as well as profoundly resilient place correspondingly.
