The current crisis in the cryptocurrency industry has weeded out those who do not belong in it and who "abused opportunities. American rapper Snoop Dogg expressed this opinion in an interview with CNBC.
According to him, the negative phenomena will do "some good" in the long run. "I think every great industry has a downturn, every industry you can look at always has a depression," Snoop Dogg said.
The rapper added that major record labels will inevitably enter the Web 3.0 and NFT segments because "all of them" looked to him for advice.
"Sooner or later the labels are going to have to step in. They're going to have to sit down at the table and realize that, you know, their directories and the stuff they store is better served in blockchain," Snoop Dogg added.
His words corroborate an emerging trend among major industry players. Warner Music Group previously partnered with NFT game developer Splinterlands, and Sony Music participated in a $30 million investment in the MakersPlace non-interchangeable token platform.
In November 2021, Universal Music Group unveiled a music band consisting of the "bored monkeys" collection Bored Ape Yacht Club (BAYC).
Snoop Dogg also touched on Twitter. According to the musician, he would "change a lot" about the platform if given the opportunity. The son of the rapper who participated in the interview under the pseudonym ChampMedici noted that they are ready to work with Ilon Musk if he closes the deal to buy the social network.
Snoop Dogg is a well-known investor in collectible tokens under the alias Cozomo de' Medici. The rapper has released his own series of NFTs, including a collaboration with Nyan Cat meme author Chris Torres. He also announced the creation of digital marijuana farms in Project MOBLAND's meta-universe and the launch of an NFT dessert store.
In February, the musician announced plans to turn his own Death Row Records into the first NFT label.
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