American rapper Snoop Dogg has been some of the outstanding names in terms of the non-fungible token (NFT) and Web3 area. Snoop Dogg has launched a number of tasks throughout completely different blockchains and has proven huge curiosity within the area as an entire. As the market heads right into a full-blown bear cycle, most buyers within the area have turn out to be cautious concerning the way forward for the networks however the rapper continues to stay optimistic.
Still Bullish On Ethereum
With the decline in worth, a whole lot of buyers have turn out to be very bearish towards digital property equivalent 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 really helpful. To him, it will assist to weed out the individuals who do not likely imagine available in the market, 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 area like fish to water and alongside his son, Champ Medici has launched a number of the best-performing NFT collections within the area. The rapper himself owns about $17 million price of NFTs, and has, prior to now, alluded to the significance of NFTs to the music trade.
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 observed within the NFT area is the greenback worth of the trades being carried out. Data reveals that NFT buying and selling continues to thrive when checked out from the angle of the variety of NFTs being traded moderately than the greenback worth connected to them.
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An instance is the info from OpenSea which reveals virtually similar NFT buying and selling figures for the months of May and June. However, because of the 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 help 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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