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Key Takeaways
- Snoop Dogg has turn into a key determine within the NFT and Metaverse house over the past 12 months.
- He simply launched a set of NFTs for his new album and has already made $50 million from the drop. He additionally mentioned that he desires to show Loss of life Row into the primary main Metaverse label.
- Many artists will possible comply with an analogous path to Snoop Dogg, and his journey ought to encourage others.
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Within the house of some months, Snoop Dogg has turn into a Metaverse mainstay. We clarify what it might imply for different artists.
How Snoop Dogg Embraced the Metaverse
Snoop Dogg has been inflicting fairly a stir throughout the music trade over the previous few weeks, and never just for his Tremendous Bowl Halftime efficiency alongside Dr. Dre and a number of different GOATs.
The larger information that possible has music moguls world wide scratching their heads on the minute is Snoop’s B.O.D.R. (Again On Loss of life Row) launch. On Feb. 11, he dropped his new LP by way of Gala Video games, providing 25,000 NFT “stash packing containers” that allowed followers to personal one of many document’s 17 tracks. They have been priced at $5,000; he’s already revamped $50 million and can rake in one other $75 million if it sells out.
Tied in with the album launch, Snoop additionally purchased Loss of life Row, the legendary hip-hop label that kickstarted his profession within the early 90s, after which introduced that he desires to show it into the primary main NFT label. “Identical to after we broke the trade after we have been the primary impartial to be main, I wish to be the primary main within the Metaverse,” he mentioned in a Clubhouse name.
In fact, whereas these are fairly main developments, it’s not as if any of this complete Web3 factor is new to tha Doggfather. He’s dropped a bunch of NFTs over the past 12 months, maybe most notably this collab with Coldie that bought for $750,000 across the Ethereum prime in November 2021. Simply this week, he dropped a group of Snoop-style “Doggie” avatars in The Sandbox, a well-liked Metaverse world that’s turn into the gold mine of digital actual property in latest months (Snoop and others personal Sandbox plots; somebody spent $450,000 on a neighboring one). After constructing a popularity for his stash of blue chip NFTs, he additionally claimed to be the pseudonymous digital artwork collector Cozomo de’ Medici, although the rumor was shortly debunked.
Whereas Snoop is now indisputably a Metaverse mainstay, it’s vital to notice that he didn’t begin off this fashion. At first, he dipped his toes in by dropping a couple of NFTs. Then he noticed the facility of the expertise, began accumulating his personal, and now seems to be all in. This type of journey is fairly typical for most individuals in crypto, so I’m sure we’ll see extra Snoop Doggs from the music and leisure world double down on the Metaverse over the following few years—particularly as soon as they hear in regards to the success of his newest album drop. Solely this week we noticed Warner Music tie up with Splinterlands, and Common Music just lately launched a Bored Ape supergroup. Count on way more of the identical in 2022 and past.
In 2021, we noticed numerous artists experiment with minting their very own collections on Ethereum. Sure, a few of them have been plain money grabs, however a couple of will catch the bug and stick round. The truth is, solely a few weeks in the past we noticed Justin Bieber pumping his Bored Ape and Inbetweeners NFT luggage to his 220 million Instagram followers. Paris Hilton has additionally turn into one of many house’s advocates after changing into more and more concerned in NFTs over the past 12 months; final month, she and Jimmy Fallon shilled their Bored Apes on The Tonight Present (and doubtless contributed to the ground worth surge that adopted).
The takeaway right here is to strap in, as a result of even when Ethereum experiences a downtrend, mainstream Metaverse adoption isn’t slowing down. Whereas loads of celebrity-endorsed NFTs have bombed, folks like Snoop Dogg are bringing extra eyes to the house, and that’s positively an excellent factor.
Disclosure: On the time of writing, the writer of this characteristic owned ETH and a number of other different cryptocurrencies.
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