Snoop Dogg is currently one of the most famous investors and participants in the global Web3 field. He was interviewed by CNBC at the NFT.NYC conference last week.
Here are his thoughts on the current "crypto winter" and the prospects for NFTs within the music industry.
Although today he is best known around the world for his focus on Web3, specifically NFT, Snoop Dogg has long been an early "explorer." In 2014, he participated in a US$50 million investment in the American post bar Reddit. According to Pitchbook data, Reddit, which was valued at about $500 million at the time, is now valued at $15 billion.
Snoop is the co-founder of Casa Verde Capital, a venture capital fund that has more than doubled in size since its creation in 2015. Given that the rap icon's NFT collection is worth more than $17 million, it seems to be expected that he announced plans to transform Death Row Records into an "NFT label" earlier this year.
“I know (NFTs) have a huge opportunity to take off in music because sooner or later labels are going to get on board,” Snoop said in a recent interview with CNBC. “They’re going to have to go home and sit down at the table. Understand that the library and things they hold are better served on the blockchain, rather than just putting the library out there and getting a 'spider web'."
Back in September last year, Snoop revealed that he was. Cozomo Medici, a previously anonymous NFT art collector, is also a movie studio, a technology company, a beverage company... (As a result) everyone is flocking to Web3 and they see how powerful Dogg is in this space .
Snoop Dogg talks about the current cryptocurrency crash and whether he is concerned about it: “I feel like every great industry has a downturn. Every industry you see has downturns: alcohol, tobacco , clothing, food, every industry you can imagine.”
Cryptocurrency earnings have continued to slump recently in what is widely considered the latest “crypto winter.” This means that at this stage, cryptocurrency prices are falling and are in a period where they will remain low for a long time. Some leaders in the space predict a “period of creative destruction” that will destroy many players in the cryptocurrency bandwagon.
Billionaire Mark Cuban, a large investor in , the -based blockchain technology, likened the crash to "the stagnation the internet experienced during the dot-com bubble" and said the space was oversaturated with "copycats."
Snoop had a similar view, saying, "This weeds out all the people who shouldn't be in this space, abusing the opportunities there. Now it's going to bring in great business and going forward, when the market comes back, only great things Available to pick from.”
The rapper’s latest cryptocurrency project is a partnership with Food Fighters Universe (FFU), which bills itself as the world’s first NFT restaurant group. Snoop’s brand “Dr. Bombay’s Sweet Exploration” is expected to open in Los Angeles and use his Bored Ape NFT clone as a mascot.
Source: CNBC
