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Snoop Dogg Unfazed On Crypto Winter, Says “Great Things” Are On The Way

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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.

Vitalik Buterin views crypto winter as beneficial to the digital asset industry

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Ethereum’s Co-founder Vitalik Buterin feels that the current market downtrend which is being viewed as another crypto winter might be in fact favorable for the digital asset industry as a whole. Referring to the ongoing price slump in the crypto market since achieving record highs in late November, Buterin believes long-term market players welcome the bear market.

But then it also invites a lot of very short-term speculative attention, he added. The recent sharp sell-off has spooked both investors and speculators who are predicting a reduction in the amount of stimulus in the wake of the Covid pandemic. Ether for one has tanked by nearly 40% during the same period. 

Since the last “crypto winter” in 2018, the sector has boomed, attracting a massive amount of investments. Besides creating overnight millionaires and billionaires, the industry has also seen several market manipulation schemes such as pumps and dumps.

For the initiated, these are a form of securities fraud that involves inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply bought stocks or security at a higher price.

Buterin thinks winter as the determining factor for projects

Buterin in the Bloomsburg interview said that winters are the time to determine the survivability of crypto projects in the long term. Still, the 27-year-old crypto billionaire expressed surprise over how the market has evolved since last year, isn’t sure whether crypto has entered another winter or the sector is just mirroring the volatility in broader markets.

“It does feel like the crypto markets kind of flip the switch from being this niche group that’s controlled by a very niche group of participants and it’s fairly disconnected to traditional markets into something that behaves more and more like it is part of the mainstream financial markets.”

He further added that a crypto winter can also help those who are building projects in crypto focus on improving the technology.

Not all share the same with some experts even believing that the crypto market is headed towards something worse. This is what Invesco’s global head of asset allocation research, Paul Jackson told in a recent interview. The exec warned that the crypto seems to be heading for an “ice age,” where prices stay low for a prolonged period and many investors eventually lose interest.