Snoop Dogg And Other Musicians Are Getting In On the NFT Gold-Fever
NFTs are embracing various industries one by one. Music is the next one, and Snoop Dogg proves that.
When the famous American rapper, producer, and actor Snoop Dogg decided to transform Death Row into the NFT record label, the music industry was quite shocked about such a bold venture. The music world was not ready for such a step, despite the fact that, for example, NFTs are being adopted by top fashion brands. The musician’s decision to incorporate blockchain technologies into his brand has helped expand the scope of what NFTs are and is already helping to bridge the world of blockchain with the world of entertainment.
Rapper Snoop Dogg bought the Death Row Records brand from MNRK Music Group and revealed his future plans during the promotional campaign for his new album B.O.D.R. (Bacc on Death Row).
“Death Row will be NFT’s label, and we will promote artists across the metaverse. Just as we revolutionized the industry by being the first major independent label, so I want to be the first major label in the metaverse.”
Snoop Dogg has long been interested in the world of non-fungible tokens and has been buying these tokens under a pseudonym for quite some time. As of last year, he had about $17 million worth of NFTs and about 250 non-fungible tokens on his wallet. Last March, Snoop released his own NFT, which consisted of the original track and the Dogge coin. However, the singer dreams higher and wants to go beyond how other brands use NFT: he admitted to developing his own ‘Snoopverse’ in the metaverse.
Who else is in the same NFT boat
Blockchain technology is by no means fast becoming an exciting concept. Not surprisingly that musicians and artists could not stand aside. Apart from Snoop Dogg, several other celebrities are also in the same huge NFT boat.
For example, Kings of Leon, a popular American rock band, was the first one to release an album as an NFT last year. They have generated about 2$ million from NFT sales, and over $500,000 has been donated to Live Nation’s Crew Nation fund to support live music crews during the pandemic.
Grimes, a Canadian singer, was also one of the artists to get in on the NFT gold rush. She sold about $6 million worth of digital artworks after putting them up for auction last spring.
Deadmau5, Linkin Park’s Mike Shinoda, and multi-platinum recording artist Tory Lanez also hailed the NFT boom as the future of fan to artist relationships and sold their digital pieces of art.
NFTs & the music world
The development of NFT is contributing to the entertainment industry and the music industry as well. Due to the evolution of global sectors, more singers, DJs, and bands are starting to use NFTs as they clearly see several benefits both for themselves and the music world.
Musicians are especially grateful to the NFT for being able to independently generate economic benefits through certain platforms. Thus, intermediaries are eliminated. Musicians can interact directly with their fans and audiences, as well as sell their music.
The growing level of knowledge and familiarity with technology also positively affects the entertainment and music sectors. Embracing NFT innovation opens up countless opportunities for artists and creators, and that is just the beginning.
