Rap Star Snoop Dogg Believes Crypto Industry Will Bounce Back: Snoop Dogg feels the current cryptocurrency meltdown is only transitory and that the ecosystem will eventually recover. On Tuesday, the hip-hop recording artist talked to CNBC about how he feels about cryptocurrencies and non-fungible tokens (NFTs).
Snoop said that the intellectual property (IP) ideas and “being able to own and control the full IP and not be used as a face or marketing tool… but to truly be the owner, the CEO” were what drew him to the digital collectibles area when talking about NFTs.
When asked about it, Snoop said that he doesn’t believe the current crypto market slump will endure for very long.
Table of Contents
Snoop Says Crypto Crash Is Transitory and Great Choices Will Follow the Aftermath
It’s a crypto… You’re aware that it’s crypto, right? Snoop asked the CNBC reporter in jest. “I think the industry that was produced was magnificent. Every successful industry, in my opinion, has seen a decline; you can always find a depression in any given field. The rapper continued, “Alcohol, tobacco, clothing, and food.
Snoop went on to say that he believes the crash is purging the sector of bad actors. The entrepreneur and recording artist emphasised:
I simply think that this “weeded out” everyone who wasn’t supposed to be in that area as well as everyone who was exploiting the chances that were available. It will now generate fantastic business, and going forward, the market will offer fantastic options.
Snoop claims that music labels will need to participate in discussions on NFTs because hip-hop recording artists have been interested in bitcoin since 2013.
Hip-Hop Recording Artist Has Been Into Bitcoin Since 2013, Snoop Says Music Labels Will Have to Come to the Table When It Comes to NFTs
Snoop is not only a pioneering rapper who has sold 35 million records globally, but he has also been active in the digital currency sector for a very long time. One of the first rappers in hip-hop to take bitcoin (BTC) as payment for one of his studio albums was the musician.
Snoop Dogg thinks the cryptocurrency market will recover since the crash “weeded out” the bad actors.
After releasing his 12th album as “Snoop Lion” in 2013, Snoop stated that he wants to accept Bitcoin for payments for his upcoming album. “My next record available in bitcoin and delivered in a drone,” the rapper tweeted at the time.The cryptocurrency companies Bitpay and Coinbase reacted to Snoop’s post announcing his desire to take Bitcoin.
Snoop Dogg, hello. “We can assist you with that,” the Bitpay company with headquarters in Atlanta told the performer. Coinbase also said to Snoop, “We could make the bitcoin aspect a reality for you.”
The musician replied to both businesses and said he wanted to make it happen if they direct messaged him. Nobody knows for sure how many records the rapper sold in exchange for bitcoin, although one bitcoin address (from Snoop’s old QR code) indicates the rapper only made about 0.01245982 before giving up on the concept.
Snoop Dog Opinion About NFT Market
Snoop was asked about his interest in NFTs during his interview on Tuesday, and he said that he knows NFTs will be significant in the music business because labels will eventually have to get involved. “[The brands] need to head back home. They’ll have to sit down at the table and realise that the blockchain is a better place for their catalogues and other items than where they are now, collecting cobwebs, Snoop said.
While Snoop’s record company, Death Row Records, supported NFTs, the rapper was questioned about if other record companies had sought his assistance on cryptocurrency. Snoop asserted, “All of them,” and Champ Medici, a Web3 businessman, retorted that it wasn’t just record labels. The CNBC reporter was informed by Medici that “movie studios, software businesses, beverage companies, everybody is rushing to Web3.”
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 its going to bring great business, and moving forward the market will have great things to pick and choose from.