Snoop Dogg isn’t fazed by the “crypto winter” that has many scurrying to sell off their digital assets. In fact, the hip-hop icon and entrepreneur who’s become known for his crypto, NFT and Metaverse advocacy told CNBC he thinks the industry downturn has simply exposed the opportunists who don’t really belong in the space.
“I just feel like this weeded out all of the people that wasn’t supposed to be in that space and all the people who were abusing the opportunities that were there,” Snoop said of the current crypto crash. “Now it’s going to bring on great business and, moving forward, when the market gets back right, it will only be great things to pick and choose from.”
“It’s crypto… It’s crypto, you know that right?” Snoop continued while laughing. “I think it was a beautiful industry that was created. I feel like every great industry has a downfall. There was always a depression in every industry you could look at – alcohol, tobacco, clothing, food, every industry you could imagine, but they all made a certain incline when the industry got back right.”
Snoop Dogg made the comments during a joint interview with his son Cordell Broadus, a.k.a. Champ Medici, at NFT.NYC conference in New York City. They also talked about their collaboration with Food Fighter Universe (FFU) – which bills itself as the world’s first NFT restaurant group.
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According to CNBC, Snoop Dogg’s ice cream brand, Dr. Bombay’s Sweet Exploration, will launch in Los Angeles under the FFU imprint. When asked what excited him most about the collaboration with FFU in the Web3 universe, Snoop said it was having ownership of the IP.
“Being able to own and control the whole IP and not be used as a face or marketing tool or someone as an ambassador but to actually be the owner, the CEO, the owner of the land so to speak and not just the building on top of the land [is exciting],” Snoop said.
Medici – who credits the late Nipsey Hussle with encouraging him to get into the crypto space – cosigned his father’s words.
“[I like] Food Fighter Universe because they’re bringing it to another landscape. You see this is a physical asset and they rooted from being digital and I think that’s important to show others how to do it,” Champ said. “They really are pioneers in the space, which is why we partnered with them.”
Medici added he and his dad “want to encourage others to come in this space that look like ourselves.”
Snoop – who recently acquired Death Row Records, the label that helped catapult his music career in the 1990s – announced earlier this year it would be an NFT-focused label. He then said it was only a matter of time before record labels would have to get into the crypto, particularly the NFT space.
“I know it has a great opportunity to be big in music, because sooner or later the labels are going to have to come on in and they’re going to have to come on home and sit at the table and understand that catalogs and the things they hold onto are better served on the blockchain than sitting in the catalog collecting cobwebs,” Snoop Dogg said.
When asked if any labels reached out to him for advice on how to do so, Snoop replied, “All of them.”
“All of them. And it’s not even just labels,” Medici echoed. “It’s movie studios, it’s tech companies, it’s beverage companies … everybody’s rushing to Web3 and they see how big Dogg is in the space and how we’re pioneering amongst all the other natives that’s been here for the past five, six, seven years.”
PHOTO: Snoop Dogg, left, and Cordell Broadus arrive at the Los Angeles premiere of “The Irishman” on Thursday, Oct. 24, 2019, at the TCL Chinese Theatre. (Photo by Richard Shotwell/Invision/AP)