Snoop Dogg: Crypto winter has “weeded out” the market
Rapper claims sell-off “weeded out” people who did not belong in the crypto space
The total capitalisation of the cryptocurrency market may have fallen by almost 70% since November, but rapper Snoop Dogg is undaunted.
One of the most well-known and vocal advocates for non-fungible tokens (NFTs), Snoop told CNBC: “I think it was a beautiful industry that was created. I feel like every great industry has a downfall. There’s been a depression in every industry you can look at; alcohol, tobacco, clothing, food, every industry that you can imagine. But they all made a certain incline when the industry got back right.”
The US songwriter, actor and entrepreneur added: “I just feel like this weeded out all of the people that wasn’t supposed to be in that space and all the people who were abusing the opportunities that were there. Now it’s going to bring on great business and moving forward, when the market gets back there will be great things to pick and choose from.”
To borrow a phrase from Snoop Dogg himself, the value of many popular NFT projects have dropped like it’s hot in recent months. Investors have steered clear of more speculative assets and investments in recent months, given uncertain market and geopolitical conditions.
Having once enjoyed a market capitalisation of $7.46bn on 28 April, ApeCoin, the governance token of the popular Bored Ape NFT project, has sunk to about $1.4bn as of 29 June.
Snoop Dogg continued to stress the long-term viability and revolutionary capability of NFTs. The rapper, who purchased the popular record label Death Row Records earlier this year, stated: “I know NFTs have a great opportunity to be big in music, because sooner or later the labels are going to have to come on in.
“They’re going to have to come on home and sit at the table and understand that catalogues and things they hold onto are better served on the blockchain than sitting in the catalogue collecting cobwebs.”
A music video that featured Bored Ape avatars of Snoop Dogg and Eminem has been watched by more than 12 million people since its release on YouTube.