Snoop Dogg: The Crisis Will Benefit the Crypto Industry

The current crisis in the cryptocurrency industry has weeded out those who do not belong and who ‘abused the opportunities’. This view was voiced by American rapper Snoop Dogg in an interview with CNBC.

According to him, negative phenomena will, in the long run, bring ‘some benefit’.

“I think every great industry experiences a downturn; in any industry you can look at, there is always a slump,” said Snoop Dogg.

The rapper added that major record labels will inevitably enter the Web3 and NFT segments, because “all of them” have come to him for advice.

“Sooner or later the labels will have to intervene. They’ll have to sit down at the table and understand that, you know, their catalogs and the assets they hold are better served on the blockchain,” he added.

His words are borne out by a clear trend among the industry’s major players. Earlier, the Warner Music Group signed a partnership with the NFT-game developer Splinterlands, and Sony Music participated in an investment round for the $30 million MakersPlace NFT platform.

In November 2021, Universal Music Group introduced a musical group, consisting of the ‘Bored Apes’ from the Bored Ape Yacht Club collection (BAYC).

Snoop Dogg also touched on Twitter. According to the musician, he would “change a lot” on the platform if given the opportunity. The rapper’s son, who goes by the pseudonym ChampMedici, said that they are ready to collaborate with Elon Musk if he closes the deal to buy the social network.

Snoop Dogg is a well-known investor in collectible tokens under the pseudonym Cozomo de’ Medici. The rapper released his own series of NFTs, including in collaboration with the creator of the meme gif Nyan Cat, Chris Torres.

He also announced the creation of digital cannabis farms in the MOBLAND project’s metaverse and the launch of an NFT dessert shop.

In February, the musician announced plans to turn his Death Row Records into the first NFT label.

Back in June, Snoop Dogg and Eminem released a clip in collaboration with BAYC, in which they appeared as animated apes.

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