Popular Rapper and NFT connoisseur Snoop Dogg appeared unhinged when asked about the recent market downturn. In an interview with CNBC, the celebrity spoke on the current bear market and the future of NFTs.
“I feel like every great industry has a downfall,” Snoop said. “There’s been a depression in every industry you can look at … alcohol, tobacco, clothing, food; every industry you can imagine.”
Snoop Dogg continued.
“This [crypto winter] weeded out all the people who weren’t supposed to be in the space and who were abusing the opportunities that were there. Now it’s going to bring on great business, and moving forward, when the market comes back, there will only be great things to pick and choose from,” he added.
Next, on NFT, the rap star said music labels would eventually have no choice other than to enter the sector. As per Snoop, catalogs are much better in blockchain than sitting on cobwebs!
“I know [NFTs] have a great opportunity to be big in music because sooner or later the labels are going to have to come on in. They’re going to have to come on home and sit at the table and understand that catalogs and things they hold onto are better served on the blockchain than sitting in the catalog collecting cobwebs.”
Snoop Dogg’s latest venture is a collaboration with Food Fighters Universe [FFU], which touts itself to be the world’s first NFT restaurant group. However, his appearance with a fellow rapper grabbed headlines.
Snoop Dogg & Eminem Appeared On A Music Video Featuring BAYC
Snoop Dogg along with another prominent rap legend Eminem released a new music video that showcased the Bored Ape Yacht Club [BAYC].
Their latest single called “From the D 2 The LBC” launched at this year’s Apefest, an annual gathering for BAYC and Mutant Ape Yacht Club [MAYC] owners.
The duo’s music video has been trending on Youtube and has been viewed over 8 million times.
Since then, ApeCoin, a token launched by Bored Ape creators Yuga Labs, has shot up, increasing in value by 15% this past week and 21.6% during the past two weeks.
However, APE’s current $4.79 value is trading at 82% lower than the all-time high of $26.70 per unit.