American wrapper Snoop Dogg is one of the most famous names for non-fungible tokens (NFTs) and Web3 spaces. Snoop Dogg has launched several projects across different blockchains, showing great interest in the entire universe. As the market heads for a full-fledged bear cycle, most investors in this area have become wary of the future of the network, but wrappers remain positive.
Still bullish on Ethereum
With falling prices, many investors are very bearish on digital assets such as Ethereum. The reduction in network activity did not help in that case, as Ethereum recorded a drawdown of over 100% in the dollar value of network transaction volume. Many, if expected, are still blinded by this, but Snoop Dogg is not.
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The rapper explained that the bear market was really useful. For him, it will help get rid of people who don’t really believe in the market. “I think like this [crypto winter] Eliminates all those who couldn’t be in space and were abusing the opportunities that were there. “
Snoop took him from fish to water into space, and with his son, Champ Medici released some of the best performing NFT collections in space. The rapper himself owns about $ 17 million worth of NFTs and has hinted at the importance of NFTs to the music industry in the past.
ETH price holding above $1,000 | Source: ETHUSD on TradingView.com
Snoop’s NFT activities are not limited to the Ethereum network.Earlier this year, rapper publication He said he was launching an NFT collection with Champ Medici on the Cardano blockchain. This was the first step to bring NFTs on the Cardano network to life.
NFT is not dead
The only drawdown of interest in NFT spaces is the dollar value of the transactions being executed. The data show that NFT trading continues to thrive in terms of the number of NFTs being traded, rather than the value of the dollars associated with NFTs.
An example is OpenSea data. This shows about the same NFT transaction value in May and June. However, the plunge in prices has significantly reduced their overall dollar numbers by more than 150%. The The number of collections launched has also increased by almost 100% last month.
Snoop Dogg’s NFT support goes beyond his music. This week, the rapper released a video with his fellow rapper Eminem, where they transformed into a boring Ape Yacht Club character. The price of ApeCoin has risen 22% one day after the video was released.
Featured image from NPR, chart from TradingView.com
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