The rapper/entertainer/crypto enthusiast has announced plans to make Death Row the first NFT music label. Snoop bought the label, which was founded by Dr. Dre and Suge Knight, among others, and which launched his career, last week.
The announcement took place on the social media channel Clubhouse.
“Death Row will be an NFT label,” said Snoop. “We will be putting out artists through the metaverse…Just like we broke the industry when we were the first independent to be major, we want to be the first major in the metaverse.”
Snoop (né Calvin Broadus Jr.) is hardly a newcomer to NFTs. Last September, he revealed he had been collecting the digital tokens under the alias Cozomo de’ Medici and had amassed some $17 million in NFT holdings. Never miss a story about NFTsFOLLOWMORE TOPICSCHAINS
He also released his own NFT collection in March 2021 that included an original track called “NFT,” and “Snoop Dogge Coins.” On 4/20 he unveiled a collaboration with the digital artist behind the Nyan Cat meme to release a “Nyan Dogg” NFT. And in November, he minted a rate NFT that sold for nearly $750,000.
Three days ago, Snoop made his new album B.O.D.R. (Bacc on Death Row) available on the blockchain, creating a stashbox that features one of the LP’s 17 songs as an NFT.
“If anything is constant, it’s that the music industry will always be changing,” Snoop said in a press release at the time. “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.”
SNOOP DOGG SELLS OVER $44M WORTH OF ‘STASH BOX’ NFTS IN JUST FIVE DAYS
The launch of the album came after the news on Wednesday (February 9) that the hip hop legend had acquired the Death Row Records brand from MNRK Music Group.
Death Row was his debut label and B.O.D.R. is the first album through Death Row Records, now under Snoop Dogg’s ownership.
Along with the album release on Friday to all streaming services ( distributed by Create Music Group), Snoop Dogg also announced that he would be releasing the album on the blockchain through a partnership with blockchain gaming platform Gala Games, via his “Stash Box” NFTs, sold on Gala’s new Gala Music store.
Gala Music claims to be “the first decentralized record company”, which aims to “show fans and supporters the power of listen-to-earn, artists the power of support in the Gala Games Ecosystem, and music corporations the power of reasonable and fair allocation of rewards”.
Snoop Dogg’s NFTs are limited to 25,000 and each ‘box’, includes 1 of 17 songs from Bacc On Death Row.
Each box costs $5,000.
As first reported by Dan Runcie’s Trapital, Snoop Dogg had already sold over 8,000 Stash Box NFTs as of Monday, February 14, via the Gala Music store (at $5,000 apiece).
At the time of writing (11:30 AM PT, on Tuesday, February 15), there are 16,137 NFTs remaining, and if that means that the other 8,863 have been sold at the asking price – then the NFT sale has generated at least $44.3 million since it went live on Friday.
If all 25,000 sell out by the time the sale ends on Thursday (February 18) at midnight, Snoop Dogg’s Stash Box NFT’s will have generated total revenues of $125 million.
The surprising size of Snoop Dogg’s NFT sale adds an interesting new element to the debate about where established artists will earn the most money from in future, across live, recorded music and Web3.
Interestingly, superstar DJ Steve Aoki, another prominent artist in the NFT space, suggested during a Q&A at a private Gala Music event over the weekend that he’s made more money from NFTs than he did from advances during an entire decade of making music.
Decrypt reports that Aoki said: “If I was to really break down, OK, in the 10 years I’ve been making music… six albums, and you [combine] all those advances, what I did in one drop last year in NFTs, I made more money.”
Speaking with MBW about the future NFTs in December, Aoki’s long-time manager Matt Colon, Global President of Music of talent management firm YM&U, said, “You’re going to see a lot of changes in the NFT space in the near future”.
He added: “You’re going to see some big projects that will turn music on its head.”
According to Gala Music, holders of Snoop Dogg’s Stash boxes 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 + pre-party with Snoop, limited edition Death Row bling, and more,” adds Gala on its website.
Snoop Dogg’s partnership with Gala Music follows various other NFT projects launched by the artist in recent months.
In April 2021 he launched his ‘Journey with the Dogg’ collection on Crypto.com, as well as a collaboration with Solana featuring 9,999 exclusive NFTs in December.
He also launched his Decentral Eyes Dog NFT in December which sold via NFT platform SuperRare, reaching 188 ETH at auction (approx. $585,000 at current exchange rates).
Snoop Dogg also owns virtual real estate in the Sandbox gaming metaverse. An individual bought a property next to his property for the equivalent of $450,000 last year.
B.O.D.R marks the 30th anniversary of Death Row’s very first release, the seminal The Chronic.
B.O.D.R. features Nas, Wiz Khalifa, DaBaby, The Game, Nate Dogg, T.I., Sleepy Brown, Uncle Murda, E-Mo, October London, Nefertiti Avant, HeyDeon, and Jane Handcock.
Production on the album came from the likes of Hit-Boy, DJ Green Lantern, DJ Battlecat, Hi-Tek, Bink, Nottz, Soopafly, Trevor Lawrence Jr., and Hollis.
“B.O.D.R. IS ESPECIALLY IMPORTANT TO ME AND I’M EXCITED TO HAVE A FULL-CIRCLE MOMENT IN MY CAREER AT THIS TIME.”
SNOOP DOGG
“B.O.D.R. is especially important to me and I’m excited to have a full-circle moment in my career at this time,” said Snoop Dogg, when the album was released on Friday.
“The album has all the classic Snoop Dogg style with surprises and features from some of the dopest artists out there.”Music Business Worldwide
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