Web3 is described by many users and outsiders as the Wild West, and is open source and decentralized, and this encourages many to look for ways to take advantage of the features, especially with the growing Metaverse.
While some companies and investors are figuring out where to place their best bets, it seems that renowned rapper and collector of irreplaceable tokens, Snoop Dogg, has found his rhythm ahead of many on the market.
The cannabis connoisseur and NFT announced that on March 7, he joined the lifestyle and game-focused digital platform FaZe Clan with the goal of promoting the cultural connection between music and games. By being involved in digital inventory, Snoop Dogg has cemented its reputation in the Web3 sector and has been regarded by experts as a prominent voice.
From creating Snoopverse in The Sandbox to creating an online character under the pseudonym Cozomo de ‘Medici, Snoop Dogg’s digital footprint is hard to ignore. The influence and influence of rappers in this sector is undeniable, with at least one investor spending more than $ 450,000 on a digital plot next to the rapper’s virtual property.
Snoop’s commitment to Web3 highlights innovation, content creation and development, and ownership. The rapper is not shy about dropping it as if it is hot in every way in the sector, which leads some to conclude that he may be the current face of Web3 and paves the way for other creators.
New possibilities available for musical NFTs
Musical NFTs are following the popularity of visual arts NFTs, and some strategic partnerships are currently in place. For example, Snoop Dogg recently acquired Death Row Records and intends to turn it into the first NFT record label in Metaverse. Others find influence through partnerships with other artists.
Royal, an NFT-licensed platform founded by DJ and music producer 3lau, has partnered with rapper Nas to highlight the different ways artists can connect with fans while bringing live streams of their creations. However, it is not just the big names in the industry who take into account the technology and the sector.
Web3 experts are passionate about creative freedom in Metaverse and are beginning to realize that NFTs can give artists the means to be reasonably rewarded. Speaking about the trend, Iman Europe, musician and head of artist relations at music startup NFT Sound, told Bloomberg how artists lose badly in the traditional music industry, saying: “I had a person who bought my song for a sum that would take a million threads. To do so. ” On March 14, Snoop Dogg launched a music show via NFT via audio that sold out and collected 100 Ether (ETH) ($ 271,399).
After navigating Web2 streaming models, the creators create better structures in music NFTs for living. Latasha, artist and leader of the programming community at NFT Marketplace Protocol Zora, has sold more than 50 non-fungible music and multimedia tokens, and tells the NFT-focused blockchain platform Palm that it sells an average of $ 20,000 per 1/1 artwork.
Unlike the Web2 model, where artists have to hit hundreds of streams before they can earn a single dollar, the Web3 framework offers mix ownership.
Platforms such as Sound, Audius, Zora, Royal and Catalog target artists who retain ownership of their music NFTs so that they can earn royalties each time they are resold. Because music NFTs are embedded on the blockchain and backed up with metadata, problems with IP outages are reduced. Blockchains also make it easy to track and share where content is used. This change allows artists to receive direct compensation.
Snoop Dogg can carry the torch on what is possible when indie musicians hit the big brands. He and other Web3 residents have drawn attention to how creators and owners benefit from the ecosystem through future listening rewards and earnings through music NFTs.
Although music NFTs have not seen the same growth as Proof-of-Profile (PFP) NFTs, their usefulness and functionality have improved a lot since they were used as audio files. Web3 infrastructure and blockchain have revolutionized the creative economy industry.
Delivery every Wednesday
Subscribe to the Nifty newsletter
By subscribing, you agree
Authored economics built on Web3
Web3 is the next iteration of the web, and while difficult to spot, this sector favors creators and creators.