July 1, 2022
By Anjali Kochhar
Amid the ongoing choppy session of cryptocurrencies, American Rapper Snoop Dogg has come out in support of cryptocurrencies and the future of non-fungible tokens. The global star has been vocal about his immense support for the industry.
“I know [NFTs] have a great opportunity to be big in music, because sooner or later the labels are going to have to come on in,” Snoop told CNBC in an exclusive interview at last week’s NFT.NYC conference in New York City.
“They’re going to have to come on home and sit at the table and understand that catalogues and things they hold onto are better served on the blockchain than sitting in the catalogue collecting cobwebs.”
“And it’s not just labels,” his son, Cordell Broadus added. “It’s movie studios, it’s tech companies, it’s beverage companies … everybody’s rushing to Web3 and they see how big Dogg is in the space.”
NFTs are digital assets representing artwork that are stored using blockchain technology.
While some NFTs are criticized by the experts for being energy-intensive, others are minted using a proof-of-stake mechanism and are said to be environment-friendly.
The recent downturn of the cryptocurrency market has been dubbed by many as the latest “crypto winter,” referring to a period when crypto prices fall and stay low for an extended period of time.
“I feel like every great industry has a downfall,” Snoop said. “There’s been a depression in every industry you can look at … alcohol, tobacco, clothing, food; every industry you can imagine.”
The global market cap was down 3.60% at $902.50billion, at the time of writing.
The global star has shown active interest in NFTs and the Web3 domain.
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” saw one token sell at auction for over $100,000.
Last year, Snoop revealed that he had an alias known as anonymous NFT art collector Cozomo de’ Medici, who had a digital collection worth over $17 million.