American rapper Snoop Dogg has been one of the most prominent names when it comes to the non-fungible token (NFT) and Web3 space. Snoop Dogg has launched several projects across different blockchains and has shown vast interest in the space as a whole. As the market heads into a full-blown bear cycle, most investors in the space have become wary regarding the future of the networks but the rapper continues to remain positive.
With the decline in price, a lot of investors have become very bearish toward digital assets such as Ethereum. The decline in network activity has not helped its case either as Ethereum has recorded more than a 100% drawdown in the dollar value of the network transaction volumes. Even though it was expected, a lot of people still seem to have been blindsided by this but not Snoop Dogg.
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The rapper explained that the bear market was actually useful. To him, it would help to weed out the people who do not really believe in the market, saying; “I feel like 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.”
Snoop had taken to the space like fish to water and alongside his son, Champ Medici has released some of the best-performing NFT collections in the space. The rapper himself owns about $17 million worth of NFTs, and has, in the past, alluded to the importance of NFTs to the music industry.
ETH price holding above $1,000 | Source: ETHUSD on TradingView.com
Snoop’s NFT activities have not been just limited to the Ethereum network either. Earlier in the year, the rapper announced that he was launching an NFT collection with Champ Medici on the Cardano blockchain. It was the first step in breathing life into NFTs on the Cardano network.
The only drawdown being noticed in the NFT space is the dollar value of the trades being carried out. Data shows that NFT trading continues to thrive when looked at from the angle of the number of NFTs being traded rather than the dollar value attached to them.
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An example is the data from OpenSea which shows almost identical NFT trading figures for the months of May and June. However, due to the price crash, the dollar figures across them have declined significantly by more than 150%. The number of collections being launched has also grown by almost 100% in the last month.
Snoop Dogg’s support of NFTs has transcended into his music too. This week, the rapper released a video alongside fellow rapper Eminem where they transformed into Bored Ape Yacht Club characters. The price of ApeCoin had jumped 22% in a single day following the release of the video.
Featured image from NPR, chart from TradingView.com
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