Crypto Winter ‘Weeded out’ Unnecessary Market Participants

The American rapper Calvin Cordozar Broadus Jr. (better known as Snoop Dogg) believes the ongoing crypto bear market eliminated those individuals who were “abusing the opportunities” in the space. He also opined that the digital asset niche is a “great” sector, which will sooner or later get back on its feet.

Crypto Winter Could Clean the Space

The drawback of the cryptocurrency industry is evident, and it has caused significant uncertainty among investors. However, the famous musician and entrepreneur – Snoop Dogg – thinks the market decline has its benefits, too. In a recent interview for CNBC, he claimed it “weeded out all the people who weren’t supposed to be in the space and who were abusing the opportunities that were there.”

Earlier this month, the Canadian businessman and TV personality – Kevin O’Leary – displayed a similar stance. He opined that the turbulence in the digital asset universe could eliminate small and meaningless projects and leave only the purposeful ones.

Snoop Dogg further reminded that every industry had endured tough times throughout the years, including the alcohol, tobacco, clothing, and food sectors. Similar to those, the crypto market will recover in the future, he predicted:

“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.”

Subsequently, the rapper touched upon non-fungible tokens. In his view, Web3 and NFTs will create huge opportunities for music studios:

“Sooner or later, the labels are going to have to come on in. They’re going to have to come on home and sit at the table and understand that catalogs and things they hold onto are better served on the blockchain than sitting in the catalog collecting cobwebs.”

Snoop Dogg, Eminem, and Their Bored Apes

Last week, two of America’s most prolific rappers – Snoop Dogg and Eminem – produced a new song that featured multiple references to non-fungible tokens and, more specifically, the Bored Ape Yacht Club (BAYC) collection. It gained massive interest, considering that over 12 million people have watched it in just five days.

The video is half-animated, and in it, both musicians are displayed with NFTs from the BAYC collection, which they purchased several months ago. Eminem bought his collectible in January as he spent 123 ETH (worth about $462,000 at that time).

Snoop Dogg acquired his at the end of 2021, as his profile picture on Twitter still represents his possession.