This week, the rapper Snoop Dogg spoke about the crypto crash in an interview with CNBC on Tuesday and explained that he believes the cryptocurrency economy will bounce back. Snoop said that he feels like the crash “‘weeded’ out all of the people” that were not supposed to be in the space in the first place.
Snoop says Crypto Crash is transitory and big choices will follow aftermath
Snoop Dogg thinks the current crypto crash is temporary and over time he thinks the ecosystem will bounce back. Speaking to CNBC on Tuesday, the hip-hop entertainer discussed his current perspective on non-fungible tokens (NFTs) and cryptocurrencies.
While talking about NFTs, Snoop said that what drew him toward the digital collectibles space was the intellectual property (IP) ideas and “being able to own and control the whole IP and not be used as a face or marketing tool … but to actually be the owner, the CEO.”
When Snoop was asked about the current crypto market downturn, he responded by saying he didn’t think it would last long.
“It’s crypto… It’s crypto, you know that right?” Snoop jokingly asked the CNBC reporter. “I feel like it was a beautiful industry that was created. I feel like every great industry has a downfall, there’s always a depression in every industry you could look at. Alcohol, tobacco, clothing, and food,” the rapper added.
Snoop went on to remark that he thinks the crash rids the industry of bad apples. The recording artist and entrepreneur pointed out:
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.
Hip-hop entertainer 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 one of the earliest rap stars in the music world, selling 35 million albums worldwide, he’s also been in the digital currency space for a very long time. The hip-hop entertainer was one of the first rappers to accept bitcoin (BTC) as payment for one of his studio albums.
In 2013, after releasing his 12th record under the reggae persona “Snoop Lion,” Snoop explained that he wanted to accept BTC for payments for his next album. “My next record available in bitcoin n delivered in a drone,” the rapper tweeted at the time. When Snoop tweeted about his interest in accepting BTC, the crypto firms Bitpay and Coinbase responded to the recording artist.
“Hi Snoop Dogg. We can help you with that,” Atlanta-based Bitpay replied to the musician. “We could make the bitcoin part a reality for you”, Coinbase Told Snoop too.
The musician responded to both companies and remarked that if they direct messaged him, he wanted to make it happen. No one is exactly sure how many albums the rapper sold for BTC, although, one bitcoin address (from Snoop’s old QR code) suggests the rapper only got around 0.01245982 before abandoning the idea.
During his interview on Tuesday, Snoop was asked about his interest in NFTs and he said he knows NFTs will be important in the music industry because sooner or later labels will have to step in.[The labels] will have to go home. They’re going to have to sit down at the table and understand that their catalogs and the things they hold are best served on the blockchain, [rather] than sitting in the catalog collecting cobwebs,” Snoop said.
While Snoop’s label Death Row Records embraced NFTs, the rapper was asked if other music labels have come to Snoop for crypto advice. “All of them,” Snoop claimed and the Web3 entrepreneur known as Champ Medici also responded and said it wasn’t just music labels. “Movie studios, tech companies, beverage companies, everybody is rushing to Web3,” Medici told the CNBC reporter.
