Described by many users and outsiders as the Wild West, Web3 is open-source and decentralized, and it has been prompting many to look for ways to profit from its features, especially with the growing Metaverse.
While some companies and investors are sorting out where to place their best bets, popular rapper and nonfungible token collector Snoop Dogg seems to have found his rhythm and is beating many to the market.
The cannabis and NFT connoisseur announced he had joined the digitally native lifestyle and gaming platform FaZe Clan on March 7, with the intention of strengthening the cultural connection between music and gaming. Through his participation with digital collectibles, Snoop Dogg has elevated his credentials in the Web3 sector and is considered by pundits to be a prominent voice.
From building Snoopverse in The Sandbox to creating the pseudonymous online persona “Cozomo de’ Medici,” Snoop Dogg’s digital footprint is hard to ignore. The impact and influence the rapper has had in the sector are undeniable, with at least one investor spending upward of $450,000 for a plot of digital land adjacent to the rapper’s virtual estate.
Snoop’s participation in Web3 highlights innovation, content creation and development, and ownership. The rapper does not shy away from dropping it like it’s hot at every turn in the sector, leaving some to conclude that he could be the current face of Web3 and is leading the way for other creators
New avenues are opening up for music NFTs
Music NFTs are coming after the popularity seen by visual art NFTs, and there are currently some strategic partnerships underway. For example, Snoop Dogg recently acquired Death Row Records and intends to turn it into the first NFT recording label in the Metaverse. Others are finding impact in partnering with other artists.
Royal, an NFT royalty platform founded by DJ and music producer 3lau, partnered with rapper Nas to bring awareness to the various 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 who are turning their heads to the technology and sector.
Web3 pundits are excited about the creative freedom in the Metaverse and are coming to realize that NFTs can provide a means for artists to be equitably compensated. Speaking to this trend, Iman Europe, a musician and the head of artist relations at NFT music startup Sound, highlighted to Bloomberg just how much artists are undercut in the traditional music industry, saying: “I had one person buy my song for the amount it would have taken a million streams to get.” On March 14, Snoop Dogg dropped a music NFT via Sound that sold out and raised 100 Ether (ETH) ($271,399).
After navigating Web2 streaming models, creators are building better structures within music NFTs to make a livelihood. Latashá, an artist and the head of community programming at NFT marketplace protocol Zora, has sold over 50 music and multimedia nonfungible tokens, telling NFT-focused blockchain platform Palm that they sell for an average of $20,000 per 1/1 artwork.
In contrast with the Web2 model wherein artists need to hit hundreds of streams before they make even $1, Web3’s infrastructure introduces ownership to the mix.
Platforms such as Sound, Audius, Zora, Royal and Catalog focus on artists retaining ownership rights to their music NFTs, allowing them to receive royalties every time they are resold. Since music NFTs are minted on a blockchain and backed by metadata, issues of relinquishing intellectual property rights are mitigated. Blockchains also facilitate tracking where the content is used and distributed. This change allows artists to be compensated directly.
Snoop Dogg could be carrying the torch for what is possible when independent musicians hit major labels. He and other Web3 denizens have brought awareness to how creators and owners can benefit in the ecosystem with future listen-and-earn rewards through music NFTs.
Although music NFTs have not seen the same rise as proof-of-profile (PFP) NFTs, there have been increased developments in their utility and functionality beyond just serving as audio files. The infrastructure of Web3 and blockchain has unlocked and revolutionized the industry of the creator economy.
Creator economies are built for Web3
Web3 is the next iteration of the internet, and while it may be hard to define, the sector favors creatives and creators. Since the infrastructure of Web3 is built on the blockchain, artists desire a certain level of autonomy and transparency. Web3 strays away from the Web2 ideals of Big Tech platforms governing, managing and owning data. It also enables users to own and potentially profit from their creations.
While YouTube pioneered a new way for users to create, present and distribute content, platforms are now integrating Web3 features of ownership into their models. Web3 aims to democratize data creation and distribution through smart contracts, royalties and various revenue streams.
The notion of ownership in Web3 benefits both the creator and their communities because of provenance. Given that content licensing can be captured on blockchain networks, the goal is for the days when creative works would get persistently pirated to be long behind us.
Web3 began rearing its head with the boom of NFTs and impacted numerous sectors. Beyond visual arts and music, blockchain and Web3 have found their way into gaming, influencing its key players. Ryan Watt resigned as head of gaming at YouTube and has transitioned into blockchain gaming and Web3, currently working as CEO of Polygon Studios.
As blockchain gaming becomes widely more adopted, the convergence of the 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 draw in new users and keep existing members engaged. Web3 is steadily beginning to change not only who is engaging and participating with content but how content creation itself is made possible.
Creators are no longer pinned down in one sector in Web3, as made evident 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 utilizing the technology for the greater good. Take, for example, Russian activist group Pussy Riot, which is using its platform for philanthropic efforts via UkraineDAO. In this way, Web3 can facilitate civic engagement and action without the usual red tape.
Web3 has only recently reached the media’s vernacular and is already leading to drastic pivots in various industries. As one of the earlier adopters of Web3, Snoop Dogg could very well be trailblazing the way for other creators to follow.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.