Snoop Dogg is still bullish on Ethereum despite NFT trades falling 70%
American rapper Snoop Dogg has been one of the most prominent names when it comes to the non-fungible token (NFT) and Web3 space. Snoop Dogg has launched several projects across different blockchains and has shown great interest in the space as a whole. As the market enters a full-fledged bear cycle, most investors in the area have become skeptical about the future of the networks, but the rapper remains positive.
Still bullish on Ethereum
With the price drop, many investors have become very bearish towards digital assets such as Ethereum. The decline in network activity has also not helped the case since Ethereum has registered more than a 100% decline in the dollar value of network transaction volumes. Although it was expected, it seems that many people have still been blinded by this, but not Snoop Dogg.
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The rapper explained that the bear market was actually useful. For him, it would help to weed out people who do not really believe in the market, and said; “I feel like this [crypto winter] weeded out all the people who were not supposed to be in the room and who abused the opportunities that were there. “
Snoop had taken to the room like a fish in water, and together with his son, Champ Medici has released some of the best performing NFT collections in the room. The rapper himself owns about $ 17 million in NFTs, and has previously hinted at the NFTs’ importance to the music industry.
ETH price holding above $1,000 | Source: ETHUSD on TradingView.com
Snoop’s NFT activities have not just been limited to the Ethereum network either. Earlier this year, the rapper announced that he was launching an NFT collection with Champ Medici on the Cardano blockchain. It was the first step in bringing NFTs to life on the Cardano network.
NFT is not dead
The only downside that is noticed in the NFT area is the dollar value of the trades made. Data show that NFT trading continues to thrive when looking at the angle of the number of NFTs traded instead of the dollar value associated with them.
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An example is the data from OpenSea which shows almost identical NFT trading figures for the months of May and June. Due to the price crash, however, dollar figures across them have fallen significantly by more than 150%. The number of collections launched has also grown by almost 100% in the last month.
Snoop Dogg’s support for NFTs has also shifted to his music. This week, the rapper released a video with fellow rapper Eminem in which they transformed into Bored Ape Yacht Club characters. The price of ApeCoin had jumped 22% in a single day after the release of the video.
Featured image from NPR, chart from TradingView.com
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