Snoop Dogg talked about the crash of crypto currencies in a Tuesday interview with CNBC. The rapper explained his belief that the currency economy would rebound. 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 There Will Be Great Options for the Following.
Snoop Dogg feels that this crypto crash is temporary. He believes that in time, the ecosystem can rebound. The hip-hop artist spoke with CNBC Tuesday about his perspective on crypto and non-fungible tokens.
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 questioned about the current crypto market drawdown, he responded by saying that he doesn’t think it will 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 added that he believes the crash has ridding this industry of all the bad apples. Snoop, a recording artist and entrepreneur, stressed that:
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. It will bring in great business and the market will continue to have many great options.
Snoop, a hip-hop recording artist has been into bitcoin since 2013, Snoop states that music labels will have to come to the table when it comes to NFTs
Snoop not only is an early rap star in the music world, selling 35 million albums worldwide, he’s also been into the digital currency space for a very long time. This hip-hop musician was the first one to accept bitcoin (BTC), for payment towards 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 tweetedAt the time. Snoop sent a tweet about accepting Bitcoin to crypto companies Bitpay and Coinbase.
“Hey Snoop Dogg. We can help you with that,” the Atlanta-based Bitpay repliedThe musician. “We could make the bitcoin part a reality for you,” Coinbase toldSnoop also.
Both companies received a response from the musician, who said that if they contacted him directly, it would be possible to achieve their goals. 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.
Snoop, in an interview with the BBC on Tuesday was asked his thoughts about NFTs. He stated that NFTs are a big part of the music industry as labels have to start investing sooner or later. “[The labels]They will have to go home. They will need to be able to see that all their catalogues, and other items that they have, can now be better served by 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.
What do you think about the rap star Snoop Dogg’s opinion on the cryptocurrency space and NFTs? Please comment below and let us know how you feel about the subject.
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