In an interview with CNBC on Tuesday, rapper Snoop Dogg discussed the cryptocurrency crisis and stated that he believes the cryptocurrency industry will recover. Snoop believes the accident "weeded out" all of the folks who were not meant to be in the room in the first place.
Snoop says the cryptocurrency crash is only temporary and that great decisions will be made in the aftermath.
Snoop added that the intellectual property (IP) concepts and "being able to own and manage the entire IP and not just utilized as a face or marketing tool... but to truly be the owner, the CEO" drove him to the digital collectibles industry.
When asked about the recent crypto market downturn, Snoop stated that he does not believe it will persist long.
"It's crypto..." You realize it's crypto, right?" Snoop questioned the CNBC reporter playfully. "I believe it was a wonderful industry that was developed." Every great company, I believe, has a decline; there is always a depression in whatever field you might look at. "Alcohol, cigarettes, clothes, and food," said the rapper.
Snoop went on to say that he believes the crash is cleansing the business of bad apples. The entrepreneur and recording artist emphasized:
I simply feel like this 'weeded out' everyone who wasn't intended to be in that area and everyone who was taking advantage of the chances that were available. Now it will bring excellent business, and the market will have a lot to select from in the future.
Snoop Dogg, a hip-hop recording artist who has been involved with Bitcoin since 2013, believes that music labels will have to come to the table when it comes to NFTs.
Snoop is not just an early rap success in the music business, having sold 35 million albums worldwide, but he has also been involved in the digital currency field for quite some time. The rapper was one among the first to take bitcoin (BTC) as payment for one of his studio albums.
After releasing his 12th album under the reggae moniker "Snoop Lion" in 2013, Snoop said that he wants to take Bitcoin as payment for his upcoming album. "My next record is available in bitcoin and will be delivered by drone," the rapper tweeted at the time. When Snoop tweeted about his desire to accept Bitcoin, the cryptocurrency companies Bitpay and Coinbase reacted.
"Hello, Snoop Dogg. "We can assist you with that," Bitpay, located in Atlanta, responded to the musician. Coinbase also assured Snoop, "We could make the bitcoin aspect a reality for you."
The singer responded to both firms, stating that if they messaged him directly, he would make it happen. No one knows how many records the rapper sold for BTC, although one bitcoin address (from Snoop's old QR code) implies the musician only received approximately 0.01245982 before abandoning the concept.
Snoop was questioned about his interest in NFTs during his interview on Tuesday, and he stated that he believes NFTs will be significant in the music industry because labels will have to become involved sooner or later. "[The labels] will have to return home." They will have to sit at the table and accept that their catalogs and other items are better serviced on the internet.
While Snoop's firm, Death Row Records, has embraced NFTs, the rapper was asked if other music labels had sought crypto advise from him. "All of them," Snoop said, and Champ Medici, a Web3 entrepreneur, answered by saying it wasn't only music labels. "Everyone is racing to Web3: movie studios, IT businesses, beverage companies," Medici told a CNBC reporter.
What are your thoughts on rap musician Snoop Dogg's stance on bitcoin and NFTs? Please share your thoughts on this topic in the comments box below.
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