In an interview with CNBCthe rapper and his son—who goes by Champ Medici—shared their thoughts on the crypto bear market, NFTs in music, using NFTs for branding, and Elon Musk.
“I think it was a beautiful industry that was created,” Snoop said about crypto. “I feel like every great industry has a downfall, there’s always a depression in every industry you could look at. Alcohol, tobacco, clothing, food.”
And in the long run, he argued, it may actually do the industry some good.
“I just feel like this weeded out all of the people that wasn’t [sic] supposed to be in that space and all the people who were abusing the opportunities that were there,” he said.
When it comes to music, Snoop believes the big record labels will inevitably get into Web3 and NFTs because “all of them” have asked him for advice. And Snoop’s probably right—Warner Music GroupUniversal, and Sony Music have explored NFTswhich are unique blockchain tokens that signify ownership of a digital or physical asset.
“Sooner or later the labels are gonna have to come on in,” said Snoop, who acquired Death Row Records earlier this year and has already released NFTs through the label. “They are gonna have to sit at the table and understand that, you know, their catalogs and things that they hold onto are better served on the blockchain than sitting in the catalog collecting cobwebs.”
“Everybody’s rushing to Web3Champ added.
As a Web3 and metaverse enthusiast, Snoop has invested a fair bit in the space. He’s turned his Bored Ape Yacht Club NFT into a branding play and opened a BAYC-themed ice cream truck.
He also released a song with fellow BAYC holder Eminem where, in the music videoboth rappers turn into their Bored Apes (Yuga Labs has since released official Snoop x Eminem merch and is only accepting payments in its affiliated currency Apecoin).
Naturally, Snoop is fully supportive of Champ using his own Bored Ape to create Bored Taco, a taco truck business made with the help of the Bored & Hungry team, which opened a Bored Ape-themed burger restaurant in April and happens to be in Snoop’s hometown of Long Beach, California.
As for his thoughts on Twitter, Snoop said he would “change a whole lot” about the platform if he had the power, and Champ shared that the pair were open to working with Dogecoin supporter Elon Musk, should he follow through on a plan to acquire the social media platform.
Want to be a crypto expert? Get the best of Decrypt straight to your inbox.
Get the biggest crypto news stories + weekly roundups and more!