Cardano: Snoop Dogg launches NFT collection on Cardano – is ADA now cashing in on the NFT hype?

The Cardano (ADA) cryptocurrency currently ranks eighth among all digital currencies in terms of market capitalization. With price declines of around 8% in the past week, it has fallen back below the psychologically important bar of the US dollar. After an intermediate rally, ADA becomes cheaper again. Anyone investing in cryptocurrencies should always consider one (or more) investment case. At Cardano, this could include popular NFTs. An increase in booming NFT exchanges on the Cardano platform could boost the price of ADA to SOL or ETH. Recently, rapper Snopp Dogg announced the launch of a new NFT collection on Cardano. But can the ADA coin really benefit from the NFT hype?

Snopp Dogg: rapper and NFT fan now relies on Cardano

Snopp Dogg has been very active in the NFT space for quite some time. Now, the prominent NFT fan is relying on the Cardano network for his next collection, having previously released preferably non-fungible tokens on the Ethereum blockchain. Together with their partner Clay Nation, they unveiled the latest NFT collection, which would consist of strictly limited edition “Pitches”. Some melodies of the rap legend would even be unpublished.

There is no doubt that the attention for NFT trading platforms via Cardano is increasing. The increase in demand should also boost the ADA price.

After Ethereum and Solana, will Cardano also benefit?

First comes Ethereum, then nothing for a long time and then Solana. Total NFT volume across all channels could be described similarly. Cardano is still a small fish in the competitive shark tank of the NFT market. However, that could change. At the same time, SOL’s excellent price performance has shown that it does not need a large market share to benefit from the price. On the contrary, the fantasy that one might become a great NFT player in the future is enough. With more attention from Snopp Dogg, Cardano also looks set to undergo a similar evolution to Solana.

Transformation in the Metaverse

In the long term, the Metaverse could become a megatrend that catapults the digital age into a new era. Because more and more crypto businesses and projects rely on the Metaverse. NFTs play an important role in property representation in Web3. If the Metaverse truly becomes a reality, cryptos that are also early adopters of NFTs could benefit. The next few months will show if it is still early enough for Cardano. With the Snopp Dogg NFTs, the first step is taken. But blockchain-owned NFT trading platforms need to keep releasing exciting non-fungible tokens in order to capture market share.

ADA remains the top choice for 2022

Many experts believe that Cardano is capable of much above-average price action in 2022. ADA is often rated as undervalued. Large investors have now accumulated about half of the ADA tokens in circulation. This puts Cardano’s whale share at its highest level in 2 years. At the same time, the Cardano “Vasil” hard fork is expected in June, with which many improvements are to be implemented on the blockchain. The hard fork aims to introduce various scaling solutions to increase transaction throughput and optimize the system. Cardano is becoming more and more attractive for DeFi, Smart Contracts, DEX and NFT.

This cryptocurrency is an exciting addition!

With the ADA rate below one US dollar, Cardano investors should once again exercise caution in the short term. Because other fixes seem technically quite possible. On the other hand, a further breach of the psychologically important price limit could set the stage for the next recovery rally. But there’s no doubt that crypto fans shouldn’t put it all on one card in 2022 either.

Lucky Block is a nice addition for investors with a bit more risk tolerance and upside potential. Because Lucky Block is still a young cryptocurrency. New coins usually have huge price potential with inherent risk. With Lucky Block, however, a fundamental use case is designed from the start. Because the developers and the team behind LBLOCK want to create a global crypto lottery. Now, after a sharp correction that followed an initial performance of over 6000%, there could soon be a rally to the upside again.

Here’s why Lucky Block could increase by more than 300%!

Reaching the all-time high around three weeks after listing on PancakeSwap implies a price potential of well over 300%. After a typical correction after the initial hype, such price gains do not seem unrealistic. Because not much has changed at Lucky Block since the massive sale. On the contrary, many development steps are still to come, which can support the exciting idea with fundamental successes. Online gaming is also an exciting growth market. With multiple draws per day, participants have a higher chance of winning while keeping costs down.

The next development steps are for the iOS app, the web app and an update to the already released Android app. With a high-quality user interface and reliable operation, one can set the stage for crypto lottery success here.

When the first lottery draw takes place in April 2022 and more stock quotes follow, the next hype seems likely. It is entirely possible that new all-time highs will then be reached and the implied price potential of over 300% realized.

Daniel Robrecht

After studying law and management, I decided to work as a freelancer. For many years, when writing texts, I focused on the topics of investment, capital markets and business. In my private life, not a day goes by without the stock market, stocks and the like.

Every transaction is risky. No guarantee of winning. Any content on our website is for informational purposes only and does not constitute a recommendation to buy or sell. This applies to assets as well as products, services and other investments. Opinions expressed on this site do not constitute investment advice and independent financial advice should be sought where possible.

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