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Jafrin Ahmed
Jun 29, 2022
by Jafrin Ahmed

Crypto Winter 'Weeded Out' the NFT Abusers, Says Snoop Dogg

Snoop Dogg crypto winter

Table of contents

  1. Is Crypto Winter Good For The Long-Term?
  2. NFTs And Music Industry

In an interview with CNBC, American rapper and hip-hop artist Snoop Dogg shared his thoughts on the crypto winter and the future of NFTs.

Is Crypto Winter Good For The Long-Term?

In an exclusive interview at last week's NFT.NYC conference in New York City, Snoop Dogg spoke about the current NFT market downturn, saying:

"I feel like every great industry has a downfall. There's been a depression in every industry you can look at ... alcohol, tobacco, clothing, food; every industry you can imagine."

However, he believes that this might actually be good in the long run:

"I just feel like this weeded out all of the people that wasn't supposed to be in that space and all the people who were abusing the opportunities that were there. Now it's going to bring on great business, and moving forward, when the market comes back, there will only be great things to pick and choose from," he added.

NFTs And Music Industry

When it comes to music, Snoop believes the big record labels will inevitably get into Web3 and NFTs because "all of them" have asked him for advice.

Earlier this year, Snoop announced his plans to turn Death Row Records, a record label that he acquired from Blackstone-controlled MNRK Music Group, into an "NFT label." Shortly after, one of his first NFT collections called "Journey of the Dogg" sold an NFT for over $100,000.

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Crypto Winter 'Weeded Out' the NFT Abusers, Says Snoop Dogg
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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