Just like many notable companies, institutions, and investors seeking to place their bets on the nascent crypto sector, a music rapper and non-fungible token collector, Snoop Dogg, seems to have found his new investment option within the crypto industry. Currently, he seems to be beating many investors on the market.
In the past week, the cannabis and NFT connoisseur announced that he had joined the digitally native lifestyle and gaming platform, FaZe Clan, with the music rapper maintaining that he intends to strengthen the cultural connection between music and blockchain-based gaming.
Interestingly, through his participation in digital collectibles, Snoop Dogg has successfully increased his popularity within the nascent Web3 sector, with many pundits now considering him a prominent voice. Snoop Dogg continues attracting more music NFT creators willing to join the crypto industry.
Dubbed as ‘Wild West’ by many crypto users and outsiders, Web3 is an open-source and decentralized online ecosystem powered by the blockchain. In that context, it has pushed many to look for ways to profit from its features, especially with the rapidly growing Metaverse.
Snoop Dogg’s digital footprints are now hard to ignore. He has even ventured into the Metaverse, creating Snoopverse in The Sandbox and the Pseudonymous online persona “Cozomo de’ Medici.” Moreover, his influence and impact in the crypto sector is undeniable, with investors even willing to spend up to $450,000 to acquire a plot of digital land adjacent to his virtual estate.
Snoop’s participation in Web3 highlights his dedication to crypto innovations, content creation, development, and ownerships. Surprisingly, Snoop Dogg ensures that he drops every launch like it is hot at every turn in the sector, making people conclude that he is the leader of music creators.
The Future Of Music NFTs As Highlighted By Snoop Dogg
Notably, music NFTs are emerging after the rising popularity of visual art NFTs. Thus, there will be more strategic partnerships underway for music NFTs. Recently, Snoop Dogg acquired Death Row Records, and he now intends to turn it into the first NFT recording label in the Metaverse. However, other creators are finding it hard to partner with other artists.
But interestingly, an NFT royalty platform founded by a renowned DJ and Producer, 3lau, Royal, recently partnered with music rapper Nas to bring awareness on various ways artists can connect with their fans while generating revenues from their creations.
Nonetheless, it is not only notable names in the music industry that are joining the crypto technology. Web3 pundits are also excited about the creative freedom in the Metaverse. They are now coming to terms with the fact that NFTs can provide revenue for many artists.
Iman Europe, a musician and head of artist relations at NFT music startup Sound, explained to Bloomberg how many artists are undercut in the traditional music industry, saying:
“I had one person buy my song for the amount it would have taken a million streams to get.”
On March 14, Snoop Dogg dropped music NFT via Sound that sold out and raised 100 Ether (ETH) worth $271,399.
After successfully navigating Web3 streaming models such as live channels, creators can now establish better structures within music NFTs to generate revenues. Latashá, an artist and head of community programming at NFT marketplace protocol Zora, is a perfect example, having sold over 50 music artwork and multimedia non-fungible tokens (NFTs).
According to NFT-oriented blockchain platform Palm, Latashá sold her collectibles for an average of $20,000 per 1/1 artwork.
Unlike in the Web2 model that requires artists to hit hundreds of streams before even generating $1, Web3 infrastructure now allows artists to own copyrights. Platforms like Sound, Audius, Zora, Royal, and Catalog will ensure that artists get rights to their music NFTs, allowing them to receive incentives from their resold artworks.
Since music NFTs are minted on blockchain and backed by metadata, the technology mitigates issues of relinquishing intellectual property rights. Interestingly, blockchains track how content is used and distributed, allowing artists receive their compensation directly.
Meanwhile, Snoop Dogg is now holding the torch to light for more music creators to join the crypto space. He and other Web3 denizens remain dedicated to creating awareness on how creators and owners can benefit in the ecosystem with future listen-and-earn rewards through music NFTs.
Although music NFTs have not experienced the same rise as proof-of-profile (PFP) NFTs, development in their utility and functionality has significantly increased beyond just serving as audio files. The Web3 infrastructure and blockchain will continue unlocking and revolutionizing the industry of the creator economy.