American rapper Snoop Dogg has been one of the outstanding names in relation to the non-fungible token (NFT) and Web3 house. Snoop Dogg has launched a number of initiatives throughout totally different blockchains and has proven huge curiosity within the house as a complete. As the market heads right into a full-blown bear cycle, most buyers within the house have change into cautious concerning the way forward for the networks however the rapper continues to stay constructive.
Still Bullish On Ethereum
With the decline in worth, a whole lot of buyers have change into very bearish towards digital belongings comparable to Ethereum. The decline in community exercise has not helped its case both as Ethereum has recorded greater than a 100% drawdown within the greenback worth of the community transaction volumes. Even although it was anticipated, lots of people nonetheless appear to have been blindsided by this however not Snoop Dogg.
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The rapper defined that the bear market was truly helpful. To him, it will assist to weed out the individuals who do probably not imagine out there, saying; “I feel like this [crypto winter] weeded out all the people who weren’t supposed to be in the space and who were abusing the opportunities that were there.”
Snoop had taken to the house like fish to water and alongside his son, Champ Medici has launched a number of the best-performing NFT collections within the house. The rapper himself owns about $17 million price of NFTs, and has, prior to now, alluded to the significance of NFTs to the music business.
ETH worth holding above $1,000 | Source: ETHUSD on TradingView.com
Snoop’s NFT actions haven’t been simply restricted to the Ethereum community both. Earlier within the yr, the rapper announced that he was launching an NFT assortment with Champ Medici on the Cardano blockchain. It was step one in respiration life into NFTs on the Cardano community.
NFT Isn’t Dead
The solely drawdown being seen within the NFT house is the greenback worth of the trades being carried out. Data exhibits that NFT buying and selling continues to thrive when checked out from the angle of the variety of NFTs being traded quite than the greenback worth connected to them.
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An instance is the information from OpenSea which exhibits nearly similar NFT buying and selling figures for the months of May and June. However, as a result of worth crash, the greenback figures throughout them have declined considerably by greater than 150%. The number of collections being launched has also grown by almost 100% within the final month.
Snoop Dogg’s assist of NFTs has transcended into his music too. This week, the rapper launched a video alongside fellow rapper Eminem the place they remodeled into Bored Ape Yacht Club characters. The worth of ApeCoin had jumped 22% in a single day following the discharge of the video.
Featured picture from NPR, chart from TradingView.com
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