Described by many users and outsiders as the Wild West, Web3 is open source and decentralized, and it has inspired many to look for ways to take advantage of its features, especially with the growing Metaverse.
While some companies and investors are looking for where to place their best bets, popular rapper and non-fungible token collector Snoop Dogg seems to have found his groove and is beating many in the market.
The cannabis and NFT connoisseur announced that he joined native digital gaming and lifestyle platform FaZe Clan on March 7, with the intention of strengthening the cultural connection between music and gaming. Through his participation in digital collectibles, Snoop Dogg has elevated his credentials in the web3 industry and is considered by experts to be a leading voice.
—Snoop Dogg (@SnoopDogg) March 7, 2022
From building the Snoopverse in The Sandbox to creating the pseudonymous online character “Cozomo de’ Medici”, Snoop Dogg’s digital footprint is hard to ignore. The rapper’s impact and influence in the industry is undeniable, with at least one investor spending over $450,000 on digital land adjacent to the rapper’s virtual estate.
Snoop’s involvement with Web3 focuses on innovation, content creation and development, and ownership. The rapper isn’t shy about dropping it like he’s hot at every turn in the industry, leaving some to conclude that he could be the current face of Web3 and paving the way for other creators.
New avenues are opening up for musical NFTs
Music NFTs come after the popularity of visual art NFTs, and there are currently strategic partnerships underway. For example, Snoop Dogg recently acquired Death Row Records and intends to make it the first NFT recording label in the Metaverse. Others find impact by associating with other artists.
Royal, an NFT royalty platform founded by DJ and music producer 3lau, has teamed up with rapper Nas to raise awareness of the different ways artists can connect with their fans while directly generating revenue streams from their creations. However, it’s not just the big names in the industry that are turning their attention to technology and the sector.
musical NFTs are going to have their PFP moment soon enough, so consider yourself not only early, but lucky!
“ford or a hemi” is now available on @catalogworks (you can listen for free, check it out!) https://t.co/lcKnleIUZk
— ✨Freddy has magic✨ (@SupaBwe) March 12, 2022
Web3 pundits are excited about the creative freedom in the metaverse and realize that NFTs can provide a way for artists to be fairly compensated. Speaking about this trend, Iman Europe, musician and head of artist relations at music startup NFT Sound, pointed out to Bloomberg how artists are underpriced in the mainstream music industry, saying, “J asked someone to buy my song for the amount it would have taken a million streams to get. On March 14, Snoop Dogg released a musical NFT through Sound which sold and raised 100 Ether (ETH) ($271,399).
After navigating Web2 streaming models, creators are building better structures within music NFTs to earn a living. Latashá, artist and community programming manager at NFT market protocol Zora, has sold over 50 non-fungible music and media tokens, telling NFT-focused blockchain platform Palm that they sell for an average of 20 $000 per 1/1 artwork.
Unlike the Web2 model where artists need to access hundreds of streams before they even earn $1, Web3’s infrastructure introduces ownership into the mix.
Just so you know…… pic.twitter.com/t8m3PerxT9
— T-Pain (@TPAIN) December 29, 2021
Platforms such as Sound, Audius, Zora, Royal and Catalog focus on artists retaining ownership rights to their music NFTs, allowing them to receive royalties each time they are resold. Since music NFTs are created on a blockchain and backed by metadata, issues of waiver of intellectual property rights are mitigated. Blockchains also make it easier to track where content is used and distributed. This change allows artists to be paid directly.
Snoop Dogg could carry the torch of what’s possible when independent musicians hit the big labels. He and other Web3 denizens have raised awareness of how creators and owners can benefit from the ecosystem with future rewards to listen to and earn through music NFTs.
Although music NFTs have not experienced the same increase as profile evidence NFTs (PFPs), their usefulness and functionality have grown more and more. beyond just serving as audio files. Web3 and blockchain infrastructure has unlocked and revolutionized the creator economy industry.
Creator Savings is Built for Web3
Web3 is the next iteration of the internet, and while it can be hard to define, the industry favors creatives and creators. Since Web3’s infrastructure is built on the blockchain, artists want a certain level of autonomy and transparency. Web3 moves away from the Web2 ideals of Big Tech platforms governing, managing and owning data. It also allows users to own and potentially profit from their creations.
“What I have found in my quest for continued creative autonomy on Web3 over the past year is freedom and the ability to exhale for the first time in a long time. It has been an unbroken rollercoaster of ideation, creation and execution.
— cdixon.eth (@cdixon) January 7, 2022
While YouTube pioneered a new way for users to create, present and distribute content, platforms are now integrating Web3 proprietary features into their models. Web3 aims to democratize the creation and distribution of data through smart contracts, royalties, and various revenue streams.
The notion of ownership in Web3 benefits both the creator and their communities due to provenance. Since content licenses can be captured on blockchain networks, the goal is that the days of creative works being persistently pirated are long behind us.
— Adrien Fusiarski (@Buzzsonic) February 16, 2022
Web3 began to emerge with the NFT boom and impacted many industries. Beyond visual arts and music, blockchain and Web3 have found their way into gaming, influencing its key players. Ryan Watt resigned as Head of Games at YouTube and transitioned into blockchain gaming and Web3, currently working as CEO of Polygon Studios.
As blockchain gaming becomes widely adopted, the convergence of creator and streamer will become more prevalent. With more projects in development, there is an increased need for content to be created and developed to attract new users and keep existing members engaged. Web3 is steadily beginning to change not only who engages and participates in content, but also how content creation itself is made possible.
Creators are no longer stuck in one area of Web3, as evidenced by Snoop Dogg and his partnership with FaZe Clan.
Creators, streamers and gamers will no longer rely on platforms like YouTube or Twitch to monetize their content; instead, they can be supported directly on decentralized Web3 native platforms.
Artists are taking advantage of the decentralized element of Web3, beyond its monetary benefit, and using the technology for the greater good. Take, for example, the Russian activist group Pussy Riot, which uses its platform for philanthropic efforts through UkraineDAO. In this way, Web3 can facilitate civic engagement and action without the usual bureaucracy.
Web3 has only recently reached the media vernacular and is already leading to drastic pivots in various industries. As one of the early adopters of Web3, Snoop Dogg could very well pave the way for other creators.
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