Snoop Dogg: D.R.R. and NFTs
Editorial Credit: Kathy Hutchins / Shutterstock.com
At 50, Snoop Dogg shows no sign of slowing down. He plans to bring his recently acquired music label, Death Row Records, to the metaverse.
The rapper turned crypto-entrepreneur announced on the Clubhouse app Wednesday that Death Row Records, which he acquired on February 10 from MNRK Music Group, would become an NFT label.
What does that mean? What is a NFT label? In the music sphere, an NFT grants the owner the right to music, album art or videos created to go alongside music, as well as exclusive access to content.
“Death Row will be an NFT label,” Snoop said. “We will be putting out artists through the metaverse. Just like we broke the industry when we was the first independent [label] to be major, I want to be the first major [label] in the metaverse.”
Death Row Records, founded by Dr. Dre and Marion "Suge" Knight, helped launch Snoop Dogg's music career in the 1990s. Just last week, he announced he acquired the label from a Blackstone-controlled music company and said it was "an extremely meaningful moment" to have ownership.
“I am thrilled and appreciative of the opportunity to acquire the iconic and culturally significant Death Row Records brand, which has immense untapped future value,” Snoop said in a statement. “It feels good to have ownership of the label I was part of at the beginning of my career and as one of the founding members.”
Snoop Dogg is one of the many celebrities leading the way into the world of crypto and NFTs, which are generally defined as digital collectibles minted on the blockchain. The Long Beach rapper and entrepreneur, who performed at the 2022 Super Bowl halftime show alongside Death Row co-founder Dr. Dre and other hip-hop and R&B legends, partnered with blockchain gaming company Gala Games for the release of his new album B.O.D.R. (Bacc on Death Row), which dropped as a stash box of NFTs through the blockchain music platform, Gala Games.
Priced at $5,000, the Gala Music version of the album features one of the LP’s 17 songs as an NFT, as well as three exclusive bonus tracks.
According to Gala Music, stash box holders can expect to receive “exclusive drops” such as films, comics, images, and unique concert attendance opportunities. The platform also says that song NFTs will have “earning potential on the Gala Music network”.
“Owners of all 17 songs will receive massive real-life and digital rewards, including an exclusive concert and pre-party with Snoop, limited edition Death Row bling, and more,” added Gala.
“If anything is constant, it’s that the music industry will always be changing,” Snoop said in a press release. “Blockchain tech has the power to change everything again and tip the table in favor of the artists and the fans, and we’re going to be right at the front of the pack with this Gala Music deal.” This could upend the music industry, giving artists a potential revenue stream that trumps marginal income from streaming services.
Photo Source: deathrowofficial.com
Snoop has been an exponent of cryptocurrency and blockchain technology since his earliest days in the mainstream discourse. Last December, he launched his own interactive world called the Snoopverse, a metaverse on the Sandbox platform for virtual concerts and more, where one NFT user paid $450,000 to become his virtual neighbor. And last April, his A Journey With The Dogg collection was launched on Crypto.com. He’s collected over $17 million worth of NFTs under the alias Cozomo de’ Medici. He also minted several of his own NFTs last year, one of which sold for the equivalent of nearly $750,000 in Ethereum coin.
Like any wise investor, I’m sure Snoop did his homework on every financial move he’s made. I’m not going to wax “rapsodic” (oh, yes!) about the possible risks and benefits of crypto investing. I’m just going to advise you to follow his example. All the best, and happy investing!