When legendary hip hop rapper Snoop Dogg announced his decision to transform Death Row into an NFT record label, the music world was not exactly ready for that move. Snoop’s decision to bring inputs of blockchain technology into his brand helped broaden the scope of what NFTs represent and is already helping blend the blockchain world with entertainment.
According to him, Death Row, which recently became his own, would bring artists and introduce them to a whole different music chain while on the metaverse. He also plans to make Death Row the first NFT label in the global music industry.
Snoop Dogg began his journey into the non-fungible token world by collecting these tokens under an alias. As of 2021, the wallet held about $17 million worth of NFTs and about 250 non-fungible tokens. He released his NFT in March 2021, which consisted of an original track and his Dogge coin. At its release, the NFT sold for as much as $33,500.
The singer’s interest in NFTs goes beyond just musical purposes as he is currently designing his Snoopverse in the metaverse.
This virtual land space is a virtual replica of his California mansion. Before announcing Death Row as a non-fungible token-focused label, he partnered with a gaming company in blockchain development. This partnership brought about the release of his new album, Bacc On Death Row.
Other Artistes on the NFT Train
Blockchain tech is rapidly becoming an exciting concept, and in this vein, NFTs are becoming popular and being adopted by different individuals, including celebrities. In addition to Snoop Dogg, several other celebrities have, with time, hopped on the NFT train.
A trendy one is Grimes, who embraced the futuristic nature of NFTs and sold about ten pieces of digital art. Amazingly, these art pieces sold for about $6 million in less than twenty minutes.
Shawn Mendes also embraced NFTs when he collaborated with Genies to market certain unique wearables, including virtual guitars, earrings, necklaces, and vests.
The sale of these NFTs made the musician about $600,000 richer than he previously was. Eminem, on the other hand, shared his first NFT collection in April 2021. Amazingly, it took the form of a digital festival where he also offered fans the chance to win a non-fungible token collectible.
Music NFTs and the Music World
The development of NFTs influences the entertainment industry and mainly the music industry. Due to the evolution of global sectors, more singers and music artists are speedily beginning to embrace NFTs as it has several benefits to the music world.
Musicians are particularly grateful to NFTs because they can receive economic gains independently through specific platforms. By doing this, intermediaries are eliminated as musicians can interact directly with their fans and audience or market their music.
NFTs also allows musicians to build an active fanbase as it provides a platform where fans can access the NFTs of a particular artist. With the development of these tokens, already established musicians get a different experience of the music world.
It also becomes easy for new artists to venture into music as they do not need to go through conventional means. By simply minting their music as non-fungible tokens, they can efficiently sell their works to their fans and audience.
Conclusion
Even though most musicians are not actively exploring this aspect of financial technology, the influence of these tokens in the entertainment sector is steadily increasing.
The increasing level of knowledge and exposure to technology also positively affects the entertainment industry and the music sector. Adopting the innovation of NFTs leaves artists and creators open to countless opportunities and benefits, and Snoop Dogg is showing them how to get it done.
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