The recent downfall of the crypto market has put doubts in investors’ heads about its future. While many people think that the industry is on an inevitable decline, rapper Snoop Dogg is of the view that the cryptocurrency economy will bounce back.
During an interview, Dogg said that the crypto crash is temporary, and the ecosystem will eventually gain momentum again. According to the Grammy-winning artist, the crash ‘weeded out’ all the people from the space who weren’t supposed to be there and those abusing opportunities in the market.
The crash is transitory, says Snoop Dogg
‘’Now it is going to bring great business, and moving forward, the market will have great things to pick and choose from,’’ he said.
The rapper added that crypto is a ‘beautiful industry,’ and every great industry has a downfall.
”There is always a depression in every industry you could look at. Alcohol, tobacco, clothing, and food,” he remarked.
Snoop Dogg’s views on NFTs
For Snoop, the main attraction in NFTs is being able to control the entire IP and not be a marketing tool but the owner. He said that NFTs would be a big part of the music industry in the coming future, and music labels will have to jump in to not be left out.
Dogg thinks that soon, labels will have to understand their catalogs and things they hold onto and realize that they are better served on the blockchain. His goal is to create his label ‘Death Row Records’ into the first-ever NFT music label.
When asked if other music labels have come to him for advice, he replied that all of them have, and it wasn’t just music labels but also tech companies, beverage companies, and movie studios. Web3 entrepreneur Champ Medici said that everybody is rushing to Web3.
A big advocate for crypto
Snoop Dogg has been a crypto advocate since 2013 when he first stated that he wanted to accept Bitcoin payments for his next album. After he tweeted his interest in crypto, firms like Coinbase and Bitpay responded to the artist, willing to help him out.
Dogg has also recently made a staggering $45 million from the release of his B.O.D.R NFTs.