American rapper Snoop Dogg is one of the most notable names for non-fugible signal space (NFT) and Web3. Snoop Dogg launched several projects on various blockchain and showed great interest in the whole space. As the market enters a full-blown bear market, the majority of investors in this space are cautious about the future of networks. But the rapper is still positive.
Still bullish on Ethereum
Due to the fall in prices many investors are very pessimistic about digital assets like Ethereum. But not Snoop Dogg.
The rapper emphasizes that the bear market is really useful. It says:
“I feel like this one [Krypto-Winter] Weeded out all the people who were not supposed to be in this area and who were abusing the opportunities. “
Snoop felt like a fish in the water in this area and together with his son Champ Medici have released some of the best NFT collections in this area. The rapper himself is worth about $ 17 million worth of NFTs and has referred to the importance of NFTs for the music industry in the past.
Snoop’s NFT activities are not limited to the Ethereum network either. Earlier this year, the rapper announced he would be launching an NFT collection on the Cardano blockchain alongside Champ Medici. This was the first step in bringing NFTs live on the Cardano network.
NFT is not dead
The only drop observed in the NFT space is the dollar value of the trades made. Data shows that NFT trading continues to thrive based on the number of NFTs traded rather than their dollar value.
An example of this is the data from OpenSea, which shows almost identical NFT trading numbers for May and June. However, due to the fall in prices, dollar values are down more than 150%. The number of collections launched has increased by almost 100% in the last month.
Snoop Dogg’s support for NFTs also influenced his music. This week, the rapper released a video with colleague Eminem in which they morph into characters from Bored Ape Yacht Club. The price of ApeCoin increased 22% in one day after the video was published.
Text credit: Bitcoinist
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