Snoop Dogg is one of the most popular names in the NFT space which has a lot to do with Ethereum. He has pioneered several projects on different blockchains like Ethereum and has shown a lot of interest in the space as a whole. Although most investors in the space express concern about the future of the networks as the market heads into a full-blown bear cycle, the rapper remains optimistic.
Snoop Dogg Still Confident About Ethereum
With the price going down, many investors are now very negative about digital assets like Ethereum. And the drop in network activity hasn’t helped Ethereum’s case either. Furthermore, the dollar value of Ethereum’s network transactions has dropped by more than 100 percent. Although the drop caught a lot of people off guard, not Snoop Dogg.
The rapper explained that the bear market was actually good for the economy. He believes it would help get rid of people who don’t really believe in the market.
“I feel like this [crypto winter] got rid of all the people who weren’t supposed to be there and who were taking advantage of the opportunities.”
Snoop and his son Champ Medici have put out some of the most popular NFT collections. The rapper owns about $17 million worth of NFTs and has talked about how important they are to the music business in the past.
At the beginning of the year, the rapper disclosed that He and Champ Medici were going to launch an NFT collection on the Cardano blockchain. It was the first step toward making NFTs on the Cardano network work.
Is NFT really Dead?
In the NFT space, the only downward trend going down is its dollar value. If you look at the number of NFTs being traded instead of the amount of money they are worth, you can see that NFT trading is still going strong.
For instance, the data from OpenSea shows that the number of NFT trades in May and June is almost the same. But because of the price crash, the dollar amounts for all of them have dropped by more than 150%.
Also, the number of new collections has grown by almost 100% in the last month.
Snoop Dogg has shown his support for NFTs in his music as well. Recently, the rapper put out a video with another rapper, Eminem, in which they changed into characters from the Bored Ape Yacht Club. After the video came out, the price of ApeCoin went up by 22 percent in just one day.