It has been a brutal time for the crypto market and a difficult time for cryptocurrency investors to keep their emotions in check.

The industry’s market capitalization crash was led by terraUSD, one of the most popular USD-pegged stablecoins, which imploded virtually overnight. But bitcoin and ethereum have also seen massive price declines from their recent bull market highs.

A cultural icon known for being in touch with emotions — and for his recent foray into the NFT space — Deepak Chopra says investors can’t ignore the recent crypto market meltdown, but they should be able to see past it .

“The crypto world is in crisis, having lost billions of dollars. We are in a bear market,” Chopra told CNBC recently at Gary Vaynerchuk’s “VeeCon” in Minneapolis.

“Right now, it’s time to think long-term in these financial markets, including crypto. I think emergence happens when you have maximum diversity of people hanging in there creatively, complementing each other. each other and having some sort of spiritual and emotional ecosystem where they can help each other and that’s what’s happening in the crypto community right now,” Chopra said.

Deepak Chopra, co-founder of the Chopra Center for Wellbeing and founder of the Chopra Foundation.

Adam Jeffrey | CNBC

It’s unclear whether the recent rout marks the coming “crypto winter” – a multi-year bear market that occurs on a cyclical basis for the crypto asset class – although falling trading volumes on crypto exchanges are a sign. that we could head in that direction. The last so-called crypto winter ran from 2018 to the fall of 2020 as the value of cryptocurrencies plummeted and layoffs were commonplace.

There are over 19,000 cryptocurrencies and dozens of blockchain platforms, the underlying technology on which cryptocurrencies are built. Not all will survive, and some crypto industry leaders expect a period of “creative destruction” wiping out many players.

Mark Cuban, who has become a big investor in blockchain-based technologies, recently likened the crypto crash to “the lull the internet had” during the dotcom bubble. He tweeted that there were too many copycats. “Chains that copy what everyone else has, will fail,” Cuban tweeted. “We don’t need NFT or DeFi on every chain.”

Earlier this year, Chopra’s foundation partnered with crypto crowdfunding platform EarthFund to launch a collection of NFT tokens aimed at helping people achieve mental and emotional health. Token holders can earn rewards that allow them to “fund treasury and decide as a community which mental wellness projects get the funding they need to make a difference,” according to a March release.

The Chopra Foundation also participated in Hollywood actress Emilia Clarke’s SameYou NFT initiative launched in November 2021, which aims to provide better treatment for people recovering from injuries from stroke and injury.

“We use artificial intelligence to talk to people who feel mentally challenged and if they need guidance, we have a token with EarthFund so we can democratize wellness around the world,” Chopra said. “This is the future. We want to create global communities of care, affection, appreciation and acceptance, where people are there to support and support each other.”

NFTs are a type of digital asset created to track ownership of a virtual item using blockchain technology. Earlier this week, US prosecutors announced they were pursuing an insider trading charge involving these digital assets for the first time.

“I hope people don’t get sucked into the melodrama [of NFTs], because markets always reflect the fickle human mind. One day it’s up, one day it’s down, news and we’re in a bull market, the next day there’s bad news and we’re in a bear market,” Chopra said.

“Ultimately, history has shown that economic development will happen because we are creative human beings, but we have to hang on and support each other. This is not the time for competition right now, but cooperation,” he added.