Cozomo De Medici, who is an infamous and highly reputable not to mention a big-spending NFT collector, has announced recently on the Twitter platform for an art fund for emerging artists. This fund is around 64.6 ETH. You might wonder who this Cozomo De Medici is. Well, Cozomo De Medici is the alter-ego of a huge NFT influencer who was formerly a big shot in the music industry. He goes by the stage name of ‘Snoop Dog’ or ‘Snoop D O double G’.
The fund was sourced through Cozomo’s ‘Project Nothing’ campaign. This campaign enabled other Ethereum based NFT collectors to donate to the fund. Cozomo didn’t take anything in return for the contribution he made to the fund. Moreover, he was true to his words. Although, he did do what he promised, which is re-allocating the fund to digital artists which goes by the project name ‘Medici Emerging’.
Cozomo declared that his fund, worth circa $200,000, will not all be invested by himself but rather with the aid of his Granddaughter. His granddaughter goes by the alias ‘Bianca_de_medici69’. The fund that has been acquired will not be used on the Ethereum blockchain. In a recent tweet, Cozomo gave a statement saying :
“It won’t all stay in ETH. We know some of the finest new artists mints on XTZ. And we’re loving the new 1/1 art on @formfunction (SOL). So we’ll go to where the art is. And build a Collection where fantastic new artists can be discovered and supported. Let’s have some fun⚡️”
Looking at the “finest new artists mint on Tezos”, it shows a strong nod of approval to the blockchain for achieving much lower fees and a better experience. In addition, the ecosystem is far more sustainable to mint non-fungible tokens and entire collections. The main reason for which it has been achieved is due to its lower energy consumption.
Clean NFTs are considered a potent tool, and talented artists like Snoop Dogg understand this potent tool and acknowledge the potential.
The new NFT fund is more focused on the three major blockchains in the NFT industry. Tezos is a logical choice for being energy efficient. Solana also falls in the same category since it has the Formfunction 1-of-1 marketplace. Moreover, the support for Ethereum is quite noticeable, which still remains the biggest network involving NFT activity. Although, it is not the main priority for Snoop Dogg and his alter ego.
Cozomo Di Medici is the person who first introduced himself on the Twitter platform in August 2021. There he was seen boasting this valuable and growing NFT collection with an estimated $17 million in holdings. The holdings he had also included nine CryptoPunks which are known for being the oldest and most desirable NFTs in the marketplace.
Nevertheless, the wallet of Cozomo currently holds almost 250 various NFTs with a large number centering around items synonymous with the rapper ‘Snoop Dog’ which includes marijuana, joints, and bowls since revealing himself.
The new project which is known as ‘Medici Emerging’ has been recognized as one of the largest trends in the market of NFT. This new project has become a growing interest from crypto collectors in fine contemporary art. Christiane Paul, who is renowned Digital Art Curator at the Whitney Museum of American Art gave a statement in the recent piece in the Art Newspaper that:
“There may be a segment of the crypto world that, through NFTs, has discovered the breadth and history of digital art and started supporting it, but that segment seems to represent only a small overlap in the Venn diagram of traditional art collectors and NFT collectors”.
But since the NFT investors are seeking more and more value as well as taking a larger interest in digital art, the gap overlay that Paul has mentioned is growing bigger.
Moreover, the market overlap for this art is not purchased solely on the Ethereum network; rather it is more diverse since more and more artists see value in minting on other chains. Among the other chains, Solana and Tezos are two that really stand out.
In reality, Cozmos De Medici has recently shared a wallet address with over 1,000 TEZ. This type of currency is used to transact on the Tezos blockchain.
Robness, who is a local NFT artist, became the first to experience and take part in the emergence of art in the blockchain world. He was one of the artists at that fair. There, he released a version of his famous ‘trashcan’ NFTs on the Tezos blockchain for a price of 50,000 TEZ. Jesse Draxler is another famous artist who has sold thousands of pieces of art on Super Rare on the Ethereum blockchain. He has also minted his first piece on the Tezos blockchain; a 1,000 TEZ hand-cut collage.
Besides art fairs, many other marketplaces are adapting on the likes of Ethereum as major platforms within the NFT space which include ‘Formfunction’, a marketplace used by Cozomo himself as well on the Solana blockchain but along with ‘FX Hash’ on Tezos.
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Since there are millions of active Tezos and Solana wallets which proves that NFT market share is becoming more divided as well as dynamic and users are not only transacting using Ethereum. This clearly shows the diversification that people are following in the market of NFT.
Moreover, Tezos is home to many platforms such as OBJKT, Hicetnunc, Versum, and FXHash which are used for native solutions and where users can easily trade and mind non-fungible tokens. In addition, Rarible, Kalamint, Bazaar Market, Byteblock, and AkaSwap can contribute to bringing more attention from NFT artists and enthusiasts to the Tezos ecosystem.