Snoop Dogg’s metaverse misfire a rare marketing misstep for the rapper.
Snoop Dogg's metaverse misfire a rare marketing misstep for the rapper.
The Metaverse: Snoop Dogg’s Risky Bet
You may recall the 51-year-old rapper partnered with the Web3 outfit The Sandbox during the height of the metaverse craze in September 2021, putting his name on a giant estate called the “Snoopverse.” For its part, the Sandbox touted the prospect of being Snoop’s “neighbor” and sold off hundreds of virtual parcels of land at eyebrow-raising prices—someone even paid nearly half-a-million dollars for the privilege.
But two years later, all bets are off. Investors have moved onto generative A.I. and other tech, and the prices for a plot of land in the metaverse have plummeted, even for those once highly coveted plots near the rapper’s virtual dominion.
Whereas a “regular” plot of land in Snoop’s world once cost $6,773, at today’s price of 42 cents for The Sandbox’s native cryptocurrency, each of those plots is now worth just $424, a whopping 94% decrease. What the platform advertised as a “premium” parcel, which included some free Snoop NFTs, is now worth about $2,000, down from the original $31,300 in 2021.
Snoop’s personal NFT holdings aren’t looking great either. The rapper owns about $540,000 worth of crypto and NFTs, but that’s only half of the $1.2 million it was worth just six months ago. He’s lost an average of 81% on dozens of flailing NFT collections that he holds in his crypto wallet, according to data from DappRadar.
Despite Snoop’s obvious mastery of marketing and leveraging his onstage persona, the metaverse increasingly looks like one of his worst bets. Not everyone, though, has lost hope.
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Some, like Ruben Santa, a senior UX designer at YouTube who bought a parcel of land near Snoop last year, care more about the potential of the metaverse. Santa said he doesn’t worry about the current value of his land, even though it has depreciated by tens of thousands of dollars.
“I didn’t invest because I said, ‘I want to buy this land, and then I want to sell it next week and make a buck,’” he said. “I invested because I saw a long-term vision of what this platform can become.”
The Sandbox has said it is opening up its platform to landowners later this year, which could stir up some excitement, but I think it’s safe to say we won’t experience another metaverse land grab anytime soon.
For now, Snoop fans might want to throw their support behind the rapper’s infinitely cheaper (and tastier) business venture: Dr. Bombay Ice Cream.
Latest Crypto News
Binance and its CEO Changpeng Zhao filed a motion Thursday to dismiss a lawsuit filed against the crypto exchange by the Commodity Futures Trading Commission in March. The move showcases the ongoing battle between regulatory bodies and crypto exchanges. While Binance remains a major player in the industry, its legal issues raise questions about the overall stability of the crypto market.
OpenAI CEO Sam Altman’s Worldcoin is coming under scrutiny in Europe after France’s privacy watchdog, the CNIL, said the venture’s biometric data collection “seems questionable.” As the metaverse evolves, concerns about privacy and data security become increasingly important. It’s crucial for projects like Worldcoin to navigate these issues to gain public trust and acceptance.
An $886 billion defense bill introduced in the Senate includes an amendment that addresses crypto anonymous transactions and illicit activity. This demonstrates the growing recognition of the need to regulate cryptocurrencies, especially in relation to potential illegal activities. The introduction of such amendments is likely to shape the future landscape of the crypto industry.
Crypto.com was designated an official crypto service provider in the Netherlands by the Dutch central bank. The move highlights the progressive stance of the Netherlands towards embracing cryptocurrencies. As more financial institutions and governments acknowledge the importance of crypto services, mainstream adoption becomes more tangible.
A joint letter filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York suggests FTX and Genesis have settled a dispute over an alleged $2 billion unpaid debt. Resolving such disputes is essential for maintaining trust and stability within the crypto industry. Transparent and fair resolution mechanisms enhance investor confidence and facilitate the growth of crypto markets.
Conclusion
The metaverse can be a volatile and unpredictable space, as Snoop Dogg has experienced firsthand. Despite his initial foray into virtual real estate resulting in diminishing returns, there are still optimists like Ruben Santa who believe in the long-term potential of the metaverse.
As the crypto industry continues to evolve and regulatory frameworks develop, the success and value of investments within the metaverse will fluctuate. It is essential for both investors and projects to consider the long-term vision and potential of the metaverse rather than being solely driven by short-term gains.
While Snoop may have faced setbacks in his metaverse endeavors, his fans can find solace in supporting his more affordable and enjoyable business venture: Dr. Bombay Ice Cream. As the metaverse landscape continues to transform, it remains to be seen which bets will pay off and which will fizzle out.
