Apart from music, Snoop Dogg is known for his interest in NFTs and Metaverse. He owns many NFTs like Cryptopunks, RTFKT, Super rare, Nyan Cat, and many more. He has partnered with Sandbox– the leading metaverse project in the Crypto space, to create his own metaverse inside the ecosystem.
Snoop Dogg wants to take things further. He recently bought Death Row Records founded by Dr. Dre and Suge Knight and started Snoop Dogg’s career. He believes that the label has
infinite future untapped value and wants to convert it into the world’s first major Music NFTs label company.
Let’s understand why he wants to do that.
The Traditional Music Industry
The primary source of income for music artists is tours, concerts, merchandise, etc. When the pandemic hit, these tours were simply not possible. Most of the artists now earn through music streaming platforms like Spotify and Apple Music. Income from these platforms trickles down from a pro-rata system pool, through labels, partners, and finally to the artist.
Many artists claim this income is simply not enough. For an average artist, this income can get them groceries or, in the best case, rent for the month. In a pro-rata system, money from all the subscribed listeners is collected in a pool of funds.
Artists are paid from this pool based on the number of streams that week. So popular artists like Ed Sheeran, Drake, Taylor Swift, and others, who probably have billions of streams, would get a larger share of the pool.
At first, this might seem fair. However, these artists would also accumulate income from the listeners who never listened to their music at all. Many artists criticize this system and have filed petitions and letters for reforms in the streaming industry.
Music NFTs Come To The Rescue
Similar to musicians, artists make most of their money through sales in art galleries and auctions. During the pandemic, it was difficult to organize such events and because there is no “streaming” platform for art, NFT seemed like the obvious choice.
NFTs turned out to be a huge success for artists. Many famous artists made millions within an absurd short period of time and many new artists made their name and some crazy amount of money.
Snoop Dogg is trying to use the same technology and idea to transform the music industry. Snoop Dogg and Death Row Records have partnered with Gala Music to release exclusive tracks from his latest album–BODR on the blockchain.
Gala Music will introduce “Listen to Earn” for listeners and new a royalty mechanism for musicians.
This is the beginning of a new era for musicians and fans.