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Snoop Dogg Still Bullish On Ethereum Despite NFT Trades Declining 70%

Snoop Dogg NFT

American rapper Snoop Dogg has been one of the crucial distinguished names in relation to 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 a complete. As the market heads right into a full-blown bear cycle, most traders 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 value, plenty of traders have turn out to be very bearish towards digital belongings resembling 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.

Related Reading | What Happens To Bitcoin Miners If Price Keeps Dropping?

The rapper defined that the bear market was truly helpful. To him, it could assist to weed out the individuals who do probably not consider 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 among the best-performing NFT collections within the area. The rapper himself owns about $17 million price of NFTs, and has, previously, alluded to the significance of NFTs to the music business. 

Ethereum price chart from TradingView.com

ETH value 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 respiratory 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 exhibits that NFT buying and selling continues to thrive when checked out from the angle of the variety of NFTs being traded reasonably than the greenback worth connected to them.

Related Reading | ProShares Short ETF Becomes Second-Largest Bitcoin Fund In Record Time

An instance is the information from OpenSea which exhibits nearly an identical NFT buying and selling figures for the months of May and June. However, as a result of value crash, the greenback figures throughout them have declined considerably by greater than 150%. The variety of collections being launched has additionally grown by nearly 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 reworked into Bored Ape Yacht Club characters. The value 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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Written by Aj Singh

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