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In an interview with CNBC, the rapper and his son, Champ Medici, discussed the crypto bear market, the use of NFTs in music, the branding potential of NFTs, and Elon Musk.
Regarding cryptocurrency, Snoop said, "I think it was a beautiful industry that was created. I feel like every great industry has a downfall. There's always a depression in every industry you could look at. Alcohol, tobacco, clothing, food."
And, he added, it may potentially benefit the industry in the long term. "I just feel like this weeded out all of the people that wasn't [sic] supposed to be in that space and all the people who were abusing the opportunities that were there," he added.
In an interview with CNBC, the rapper and his son, Champ Medici, discussed the crypto bear market, the use of NFTs in music, the branding potential of NFTs, and Elon Musk.
Regarding cryptocurrency, Snoop said, “I think it was a beautiful industry that was created. I feel like every great industry has a downfall. There’s always a depression in every industry you could look at. Alcohol, tobacco, clothing, food.”
And, he added, it may potentially benefit the industry in the long term. “I just feel like this weeded out all of the people that wasn’t [sic] supposed to be in that space and all the people who were abusing the opportunities that were there,” he added.
Snoop believes that the major record companies will eventually adopt Web3 and NFTs since “all of them” have sought his counsel. Warner Music Group, Universal, and Sony Music have investigated NFTs, unique blockchain tokens that represent ownership of a digital or physical asset.
Snoop, who bought Death Row Records earlier this year and has already released NFTs under the label, stated, “Sooner or later the labels are gonna have to come on in. They gonna have to sit at the table and understand that, you know, their catalogs and things that they hold onto are better served on the blockchain than sitting in the catalog collecting cobwebs.”
As a Web3 and metaverse aficionado, Snoop has made significant investments. He has transformed his Bored Ape Yacht Club NFT into a branding play and established an ice cream truck with a BAYC motif.
He also recorded a single with fellow BAYC holder Eminem in which both rappers transform into Bored Apes in the music video (Yuga Labs has since released official Snoop x Eminem merch and is only accepting payments in its affiliated currency Apecoin).
Naturally, Snoop supports Champ’s use of his Bored Ape to build Bored Taco, a taco truck company created with the aid of the Bored & Hungry crew, who launched a Bored Ape-themed burger restaurant in April in Long Beach, California, Snoop’s hometown.
Snoop claimed he would “alter a whole lot” about Twitter if he had the authority. Champ added they would be willing to collaborate with Dogecoin backer Elon Musk if he follows through with his intention to purchase the social media network.
