The crypto community was abuzz when musician Snoop Dogg announced that he is an NFT whale going by the Twitter name Cozomo de’ Medici. Nine CryptoPunks are among his $17 million fortune in crypto collectibles.
In the spring of this year, rapper Snoop Dogg revealed his own line of branded souvenirs, as well as a collaboration with the creator of the renowned meme, Nyan Cat. This drove NFT fans into a frenzy. To put it another way, he claims to be the genuine person behind a pseudonymous crypto Twitter star who has spent millions buying up Ethereum NFTs.
If I see a jpg come into my wallet uninvited, and it is not fan art, you can rest assured I will never support that collection or any of it's derivatives.
Also, please beware when browsing through my wallet –
— Cozomo de’ Medici (@CozomoMedici) October 5, 2021
You shouldn’t, however, send him any NFTs without his permission. He commented using the Cozomo Twitter account that posting trash jpgs is a disrespect to the artists who have worked so hard to earn their way into collectors’ wallets.
Unsolicited NFTs are sent to an Ethereum wallet in the practice of spamming. There is even a current unsubstantiated rumor that wallets are getting hacked when they interact with some specific malicious NFTs sent to their wallets.
Cozomo went on to say that the first platform to address the spamming issue would surpass OpenSea, which is the biggest marketplace in the NFT industry. He also warned users about looking through his wallet and deciding to buy specific collections, as there are many unverified scam collections existing on OpenSea.
Celebrities Entering the World of NFTs
Snoop Dogg introduced himself as Cozomo de’ Medici, a pseudonymous token collector, in a tweet addressed to his 19 million followers in September. Cozmo has been tweeting a lot about the exorbitant pricing of famous NFT collections lately, and his tweets show he knows a lot about the culture.
In the last few months, celebrities have developed a keen interest in cryptocurrencies. Many people, in particular, are deeply rooted in the NFT industry.
Some well-known NFT collectors include NBA star Stephen Curry, social media phenomenon Jake Paul, and comedian and TV host Steve Harvey. KSI, a musician and YouTuber, has a separate Twitter account for his crypto-related ideas, which he calls a “burner.”
You may trade and own digital products with unique ownership on the blockchain by using NFTs. You can also transfer ownership to others via the blockchain. The term “non-fungible token” refers to a class of digital tokens. Computer visuals, such as paintings, animated GIFs, and music, as well as virtual items in video games, may all be considered NFTs.
Despite the fact that trading cards are not unique, the blockchain stores both rare and common objects like real-life artwork. Although NFTs have been around since 2014, they’ve only recently come to light as a way to buy and sell digital artwork. Between November 2017 and February 2018, nearly $175 million was spent on NFTs.
NFTs, on the other hand, are extremely rare or produced in a very limited quantity, and each one has a unique serial number. In essence, NFTs create scarcity through code.
How do you feel about Snoop’s status as a heavyweight NFT trader?