Tezos surges 31% after US rapper Doja Cat launches NFT collection
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American rapper-songwriter Doja Cat has launched an NFT series on the Tezos-powered platform OneOf, and the price of Tezos (XTZ) has surged in the past 24 hours as a result.
At the time of writing, XTZ, the native token of the layer 1 smart-contract platform, was trading for US$6.07, up 31.2% since this time yesterday.
The token is also enjoying a three-month high and has just hit the milestone of 400,000 daily transactions for the first time in its history.
— Tezos Commons (@TezosCommons) September 9, 2021
Attracting such a high-profile star has been a coup for the under-the-radar NFT (non-fungible token) platform OneOf. And for Tezos, too, which tends to live in the shadows of its major competitors including Ethereum, Cardano and Solana.
Doja Cat has a huge fan base with 14.3 million followers on Instagram, and another 3.4 million on Twitter.
In a statement, the musician revealed the reason she opted to use the Tezos ecosystem for the NFT drop, and not the more widely used Ethereum, was down to its “greener” reputation.
“I don’t know that much about NFTs,” she said. “But what I do know is that they can be bad for the environment and cost a fortune. Mine won’t.”
Tezos employs a proof-of-stake (PoS) consensus algorithm, which uses considerably less energy to power its network than the traditional proof-of-work (PoW) mechanism that Bitcoin and Ethereum rely on.
As part of its 2.0 shift, Ethereum is in the long process of upgrading to a proof-of-stake system, so this point of difference won’t be something the likes of Tezos and Cardano will have up their sleeves forever.
For the meantime, though, it’s a narrative that has the power to hook in big names looking to jump on the NFT bandwagon and attach themselves to the environmental cause.
The Doja Cat collection includes 26,000 “limited edition” NFT collectibles with prices for the current drops ranging from US$5 to $100.
The NFTs appear as different-coloured revolving metallic busts of the rapper, and some include tickets to an upcoming Doja Cat concert.
All the NFT holders will have access to an exclusive Discord channel called Planet Doja, which launches on September 20.
The OneOf website describes Planet Doja as “the artist’s futurist fantasy, where all races, species, and styles can co-exist in celestial harmony.”