This week, rapper Snoop Dogg discussed the crypto crash in an interview with CNBC on Tuesday, explaining that he believes the cryptocurrency economy will bounce back. Snoop said he feels like the crash “has ‘weeded out’ all the people” who were never supposed to be in this space in the first place.
Snoop stated that the Crypto Crash Is Transitory and Great Choices Will Follow the Aftermath
Snoop Dogg believes that the current crypto crash is temporary and that in time he believes the ecosystem will bounce back. Speaking with CNBC on Tuesday, the hip-hop recording artistdiscussed his current perspectiveon non-fossil tokens (NFTs) and cryptocurrencies.
While talking about NFTs, Snoop said he was drawn toward the digital collective space because of the idea of intellectual property (IP) and “the whole IP can be owned and controlled, not used as a face or marketing tool … He stated that it was to actually become the owner and CEO.”
When Snoop was asked about the current crypto market drawdown, he responded by saying he did not think it would last long.
“It’s crypto… It’s crypto, you know that right?” asked Snoop jokingly to a CNBC reporter.” I feel like it’s a beautiful industry that was created . I feel like every great industry has its downfall, there is always a recession no matter what industry you look at. It’s alcohol, tobacco, clothing, food, etc.,” the rapper added.
Snoop continued by remarking that he thinks the Clash will rid the industry of bad apples. The recording artist and entrepreneur stressed.
So it feels like this “culling” is getting rid of all the people who shouldn’t be in that space and who are exploiting the opportunities that are there. Now it will bring great business and the market moving forward will have great things to choose from.
Hip-hop recording artists have been participating in Bitcoin since 2013, Snoop says music labels must come to the table when it comes to NFT
Snoop is not only an early rap star in the music world, having sold 35 million albums worldwide, but he has also been in the digital currency space for a very long time. The hip-hop artist was one of the first rappers to accept bitcoin (40} BTC) as payment for his studio albums.
In 2013, after releasing his 12th record under the reggae persona Snoop Lion, Snoop explained that he wanted to acceptBTCto pay for his next album. He explained that he would like to accept BTCas payment for his next album. “My next record can be bought with bitcoins and delivered by drone,” the rapper tweetedat the time. When Snoop tweeted his interest in acceptingBTCcrypto companies Bitpay and Coinbase responded to the recording artist.
“Hey Snoop Dogg. we can help with that.” Atlanta-based Bitpay replied to the musician.” We can make the bitcoin part real for you.” Coinbase likewisetold Snoop.
The musician replied to both companies, saying that he would like to make it happen if he had a direct message.63}No one knows exactly how many albums the rapper sold for BTC. However, according to one bitcoin address (Snoop’s old QR codeto), the rapper only got about 0.01245982 before abandoning the idea.
In an interview on Tuesday, Snoop was asked about his interest in NFT and said he knows that NFT will be big in the music industry because sooner or later the labels will have to jump on board. ‘The labels have to come back home. They’re going to have to sit down at the table and realize that their catalog and what they hold will serve them better on the blockchain than collecting cobwebs in their catalog,” Snoop said.
Snoop’s label, Death Row Records, has embraced NFT, but 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, saying it’s not just music labels. Medici told a CNBC reporter that “movie studios, tech companies, beverage companies, everyone is rushing to Web3.”
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