Crypto

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

American rap artist Snoop Dogg has actually been among the most popular names when it pertains to the non-fungible token (NFT) and Web3 area. Snoop Dogg has actually introduced numerous jobs throughout various blockchains and has actually revealed large interest in the area as a whole. As the marketplace heads into a full-blown bear cycle, a lot of financiers in the area have actually ended up being cautious relating to the future of the networks however the rap artist continues to stay favorable.

Still Bullish On Ethereum

With the decrease in cost, a great deal of financiers have actually ended up being extremely bearish towards digital properties such as Ethereum. The decrease in network activity has actually not assisted its case either as Ethereum has actually taped more than a 100% drawdown in the dollar worth of the network deal volumes. Even though it was anticipated, a great deal of individuals still appear to have actually been blindsided by this however not Snoop Dogg.

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

The rap artist described that the bearishness was really beneficial. To him, it would assist to weed out individuals who do not truly think in the marketplace, stating; “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 actually required to the area like fish to water and together with his child, Champ Medici has actually launched a few of the best-performing NFT collections in the area. The rap artist himself owns about $17 million worth of NFTs, and has, in the past, mentioned the value of NFTs to the music market. 

ETH cost holding above $1,000 | Source: ETHUSD on TradingView.com

Snoop’s NFT activities have actually not been simply restricted to the Ethereum network either. Earlier in the year, the rap artist revealed that he was releasing an NFT collection with Champ Medici on the Cardano blockchain. It was the initial step in breathing life into NFTs on the Cardano network.

NFT Isn’t Dead

The just drawdown being seen in the NFT area is the dollar worth of the trades being performed. Data reveals that NFT trading continues to grow when taken a look at from the angle of the variety of NFTs being traded instead of the dollar worth connected to them.

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

An example is the information from OpenSea which reveals practically similar NFT trading figures for the months of May and June. However, due to the cost crash, the dollar figures throughout them have actually decreased substantially by more than 150%. The variety of collections being introduced has actually likewise grown by practically 100% in the last month.

Snoop Dogg’s assistance of NFTs has actually gone beyond into his music too. This week, the rap artist launched a video together with fellow rap artist Eminem where they changed into Bored Ape Yacht Club characters. The cost of ApeCoin had actually leapt 22% in a single day following the release of the video.

Featured image from NPR, chart from TradingView.com

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Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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