Although non-fungible tokens (NFTs) are, at least in the eyes of the world outside of crypto, residing in the “where are they now?” file, there are still people who are still taking an interest in the rights to links to individual pieces of digitally generated content and, considering the way the NFT craze of late 2021 and early 2022 was bolstered by celebrities, it is perhaps not a surprise that famous people are still involved.
One of them is hip-hop superstar Snoop Dogg. The rapper announced, ahead of his American summer tour, that he was teaming up with NFT studio Transient Labs to create his own NFT collection.
But what are Snoop Dogg Passport Series NFTs? How do the Snoop Dogg Passport Series NFTs work? Let’s take a look and see what we can find out, and also see if it is at all possible to make a Snoop Dogg Passport Series NFT price prediction.
Snoop Dogg Passport Series NFTs are a collection of NTFs, created by Transient Labs in connection with hip-hop superstar Snoop Dogg. The collection is set to go fully live on 7 July, when the star’s summer tour starts, and holders will then get free NFTs called Snoop Selects, featuring work by such NFT artists as Alien Queen, Terrell Jones, and Coldie.
People who hold Snoop Dogg Passport Series NFTs will be able to access exclusive videos and backstage images. They will also be able to listen to curated playlists and will also be able to access exclusive merchandise and ticket sales. The NFTs can also be bought, sold, and traded on NFT sales websites.
In a statement provided to Variety magazine, Snoop said: ““With the Passport Series, I can give my fans the opportunity to travel the world with me — no one’s ever done that.
“I’ve always been a pioneer, and digital merch is part of the future. I’m hoping other artists can see what I’m doing and continue to innovate on their own.”
One important thing to note at this moment in time is that the Passport Series does not have a price history yet, because it still has not been launched. That said, it is pretty common for NFT collections to have a floor price that launches at a higher price than it ends up settling on being over the medium-term. As of 19 June 2023, Passport Series NFTs were offered for a presale price of 0.025 ETH, or about $42.
It is also worth noting that the floor price is probably the best measurement of an NFT collections price. This is because an NFT could be valued at a freakishly high level, thus causing the average to shoot up, while the price of the cheapest NFT – the price of entrance into the collection – will likely be a bit more stable.
While there is still an inevitable uncertainty about the price, considering that the collection’s founder has a prominent place in American popular culture, it could be expensive, at least at first. The perks associated with owning one of the NFTs could also see its price be higher than it might otherwise be. At present, it is one of the cheaper NFT collections in terms of floor price, but it remains to be seen what will happen in the near future.
It is hard to say right now, considering that the Snoop Dogg Passport Series are yet to be launched. What might help fans of the rapper, though, is that they come with the opportunity to access exclusive content, which gives them a usage beyond that of most NFTs.
The floor price of any NFT collection is liable to go up and down as the market changes. It is worth noting, though, that many NFT collections launch with a relatively high price which soon drops before, if everything goes will, making a recovery.
Fans of Snoop Dogg who want to find new ways to support his art and get access to the likes of playlists and backstage content ahead of his upcoming tour could, potentially, do worse than get hold of one of his Passport Series NFTs.
On the other hand, though, it is important to remember that NFTs are nowhere near as popular as they were about 18 months ago, so you should think carefully if your motivation for buying one of them is to make a profit. Either way, you will need to do your own research, remember that prices can, and do, go down as well as up, and never invest more money than you can afford to lose.
No. The star was one of the many celebrities to have got involved in the Bored Ape Yacht Club collection in 2021.
At present, a Snoop Dogg Passport Series NFT will cost 0.025 ETH, or about $42.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.