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.
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 continued by remarking that he thinks the crash is ridding the industry of bad apples. The recording artist and entrepreneur stressed:
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.
During his interview on Tuesday, Snoop was asked about his interest in NFTs and he said that he knows NFTs will be big in the music industry because sooner or later the labels will have to jump in. “[The labels] are gonna have to come on home. They are going to have to sit at the table and understand that their catalogs and things that they hold onto are better 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.
What do you think about the rap star Snoop Dogg’s opinion on the cryptocurrency space and NFTs? Let us know what you think about this subject in the comments section below.