Snoop Dogg remains bullish on Ethereum despite a 70% decline in NFT trades

Snoop Dogg has been one of the most famous figures in the non-fungible token (NFT) and Web3 area. Snoop Dogg has started a number of blockchain-based ventures and shown a strong interest in the industry as a whole. 

With the price decrease, many investors have turned very negative on digital assets like Ethereum. The fall in network activity has also been damaging to Ethereum since the dollar worth of network transaction volumes has decreased by more than 100 percent. 

The rapper said that the market crash was in fact beneficial. According to him, it would assist in filtering out those who do not really think in the market, stating “I feel that this [crypto winter] virtually wiped out everyone who wasn’t intended to be in the sector and who was exploiting the chances that were there.”

Together with his son Champ Medici Snoop has published some of the most successful NFT sets in the space. 

Snoop’s NFT-related actions are not restricted to the Ethereum network alone. The rapper revealed earlier in the year that he will launch an NFT collection alongside Champ Medici on the Cardano platform. 

NFT Is Alive

The sole indicator of a decline in the NFT market is the dollar worth of transactions. When viewed from the perspective of the amount of NFTs exchanged as opposed to their monetary worth, data indicates that NFT trading seems to grow.

For example, the statistics from OpenSea for the months of May and June reveal almost equal NFT trading volumes. However, as a result of the price drop, their dollar values have decreased by more than 150 percent

Furthermore, Snoop Dogg’s support for NFTs has entered his songs. This week, the rapper and fellow rapper Eminem published a video in which they changed into Bored Ape Yacht Club avatars. The price of ApeCoin increased by 22 percent in a single day after the video’s publication.

Also Read: Pantera Capital CEO Dan Morehead Says Crypto Will Rise As Traditional Assets Fall

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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