Snoop Dogg, one of the hottest celebrities in the Web3 space, spoke to CNBC in an interview at the NFT.NYC conference last week. Here’s what he had to say about the current “crypto winter” and the future of NFTs in the music industry.
Although these days he’s well known for his interest in Web3 and especially NFTs, Snoop Dogg has long been an early adopter. In 2014, he was part of a $50 million investment in Reddit. Then valued at around $500 million, the platform is now valued at $15 billion, according to data from Pitchbook.
Snoop co-founded Casa Verde Capital, a venture capital fund that has more than doubled in size since its inception in 2015. His announcement earlier this year of his intention to turn Death Row Records into an “NFT label” seems fitting, being given the rap icon’s NFT collection is worth more than $17 million.
“I know (NFTs) have a great opportunity to be big in music, because sooner or later labels will have to come in,” Snoop says in his recent interview with CNBC. “They’re going to have to go home and sit down at the table and figure out that the catalogs and the things they hold are better served on the blockchain than sitting in the catalog collecting cobwebs.”
“And it’s not just labels,” adds his son, Cordell Broadus, also known as Champ Medici – Snoop came out as Cozomo Medici, a previously unnamed NFT art collector, in September . “It’s the movie studios, the tech companies, the beverage companies…everyone is rushing to Web3 and they see how important Dogg is in the space.”
“I feel like every major industry has a downfall,” Snoop Dogg says of the current crypto crash and if he was worried. “There was depression in every area you can look at: alcohol, tobacco, clothing, food; every industry you can imagine.
The recent drop in crypto gains has been widely dubbed the last “crypto winter,” indicating a period in which crypto prices fall and hold that low for an extended period. Some space leaders expect a “period of creative destruction,” wiping out many players in the crypto zeitgeist. Billionaire Mark Cuban, a massive investor in blockchain-based technology, compared the crash to “the lull the internet went through during the dot-com bubble” and expressed that the space is oversaturated with “imitators”. Snoop’s view is similar.
“It weeded out all the people who weren’t meant to be in space and who were abusing the opportunities there,” he says. “Now it’s going to bring in some great business, and in the future, when the market comes back, there’s only going to be great things to choose from,” Snoop concludes.
The rapper’s latest crypto project is a collaboration with Food Fighters Universe (FFU), the world’s first self-proclaimed NFT restaurant group. Snoop’s brand, Dr. Bombay’s Sweet Exploration, is set to open in Los Angeles under the FFU umbrella and use his Bored Ape Yacht Club (BAYC) NFT avatar as its mascot.