Many proponents of digital artworks like Snoop Dogg remain bullish, despite the pathetic condition of the crypto and NFTs market.
Looking at the growing popularity and widespread adoption of digital assets and NFTs, many celebrities took it as the chance to disrupt the space and pass through the common utilities they could provide their fans. Non fungible tokens made them more capable to make their fans feel closer to them along with offering them way more utilities with these digital assets.
One such prominent celebrity name in the supporters of Non fungible tokens is American rapper and artist, Snoop Dogg. He has shown his keen interest towards the NFTs and Web 3 space. Following his passion towards digital assets, Snoop Dogg went on to launch different projects over different blockchains that showed his vast interest in the digital space and assets.
Moreover, the actual test of his passion might have come in the form of the recent market downturn where most investors have become cautious with their actions while doubting the future of the crypto industry. But even during this time, the popular rapper remained positive about it.
Following the drastic fall in the price of top crypto assets like bitcoin (BTC) and Ethereum (ETH), many crypto investors have become skeptical due to the bearish take of the market. This also resulted in the dropping of activities on the Ethereum (ETH) network that has recorded a drawdown of almost 100% in terms of transaction volumes on the network. However, most of this part was expected by many but even at this time, Snoop Dogg did not feel odd about it.
Rather, Snoop Dogg stated that the bear market is useful. According to the rapper, this would let those people leave the space who have no actual belief in the crypto market and crypto assets. Snoop Dog said that he feels like the ongoing crypto winter may end up weeding out all those people who were not supposed and deserved to be in the crypto space. Along with this; they were abusing many opportunities the crypto industry has to offer.
Not only Snoop Dog, but his son Champ Medici has also gotten into NFTs and recently has released some best-performing digital assets in the space from his NFT collections. Currently, the famous American rapper is said to have held NFTs worth $17 million.
Source: https://www.thecoinrepublic.com/2022/07/02/the-crypto-downturn-may-have-declined-nfts-prices-but-not-supporters-trust-in-them/