American rock group Kings of Leon released their album in 2021 When you see yourself as NFT, becoming the first band and almost the first performers successfully publish their songs as NFT. However, since the Nashville-based band took this bold step, the thought of NFT music has become quite appealing to independent artists.
Not long after Kings of Leon released their album, electronic dance music star Justin Blau – better known by his artist name 3LAU – sold his album, Ultraviolet, a a collection of 33 different NFTs and earned $11.7 million, shocks everyone including himself. However, like everything else in the industry, NFT music desperately it took an A-lister on board to find his day in the sun; in steps, hip hop legend Snoop Dogg.
More recently, Snoop Dogg remained invested in all advanced and new industries, from Cannabis to Blockchain; Snoop stayed relevant in conversations and recently upped the ante by releasing the first drop his first NFT album, Death Row Session Vol.2. The first drop of the album was sold for a total of 100 Ether
, which is approximately $300,000. For many of the hip-hop icon’s followers, this was a huge confirmation of the promise that blockchain and NFT hold the future of the music industry and beyond.
Travis Bott, CEO of agency MetaLabs, a blockchain solutions and DApps and NFT collection platform explains why NFTs are inevitable; “Blockchain, NFT and Metaverse are no longer just a possibility, they are an inevitability. It is not a phenomenon that will change the world; it is changing it as we speak. The resistance we are now seeing among elite publishing houses and big Governments will be short-lived because this phenomenon benefits everyone. We’re literally recreating a digital version of our world, and it’s just a matter of when, not if, the entertainment industry will fully align.”
Bott, who recently exited one of his companies at a 9-figure fortune, has been one of the most vocal proponents of NFTs and blockchain. As a successful entrepreneur with multiple outlets, he has since thrown his hat into the blockchain ring. MetaLabs’ NFT collection, Meta Bounty Hunters, recently generated $18 million in revenue in just three weeks, which Bott cites as evidence of growing enthusiasm around the world.
Indie artists see a way to earn more
Besides being a bold move, Snoop’s release of Death Row Session, Vol 2 was special because he included in the project four prominent indie artists who have already made a name for themselves in the Web 3 music space. Death Row Session, Vol 2 featured Iman Europe, MoRufa Adewunmi, Black Dave and Heno. All four artists have been selling music NFTs since 2021.
In an an interview with Fortune, Iman Europe highlighted one of the many benefits of playing NFT music as “Creative and Financial Freedom”. Iman insists that Web 3 allows her to play music when she wants, price it at the price it deserves, and earn far more than she would from a streaming service. “One ETH is equivalent to almost a million music streams,” explains Iman. She adds of her collaboration with Snoop: “I did it in two minutes. Total paradigm shift for sure.”
For most of these independent artists, the ability to ensure they get paid quickly and handsomely for their art and not have to wait a year for royalty checks makes NFT music much more attractive than traditional streams.
Travis Bott explains why these opportunities are so exciting for independent artists; “Smart contracts implement a blockchain instruction set and eliminate reliance on intermediaries, banks or publishing houses. I recently left one of my companies for nine figures, but the entire process of banks holding our money and transferring it from one bank to another was 26 days process, in comparison, I have brokered millions of dollars worth of blockchain deals within 15 minutes. The smart contract automatically distributes the funds to all parties and sends us our brokerage fee. It is impossible to be scammed and this has found application in blockchain music collaborations This is the future and that’s why we at MetaLabs have created a SaaS software platform where we help artists, influencers and businesses with forging models and forging strategies, Full Stack development, e-commerce, smart contract auditing, NFT markets and launchpads. .. an end-to-end experience that can easily move them from Web 2 to Web 3.”
Snoop Dogg seems to agree with the sentiment, as he explained on the Firefox podcast. Snoop expressed his long-standing desire to see those who helped make music adequately compensated. According to him, “My fans made me who I am, but they never had the opportunity to really make money from my music and my journey.” Snoop’s desire to see people adequately compensated led him to highlight four new artists on the album and give them a split in a smart deal; this way, Death Row doesn’t pay them; the smart contract executes the payment from the revenue, automatically and transparently.
Building stronger communities
Snoop Dogg’s enthusiasm for the Web 3 space isn’t limited to the new album; recently announced that he is converting his Death Row Records label to an NFT label. According to Snoop, building community and giving back to fans is at the heart of this decision. In his words, “My whole career we’ve been making music and charging fans for everything from tickets to merchandise, and they could just enjoy the music in return, but now I can own a piece of it, trade it and make money off of it.”
The possibilities that web 3 provides for community building are enormous; fans have always been metaphorically invested in the artists they love, but NFTs mean that they can be invested in and get a financial return.
“Just imagine if fans could buy NFTs of a new artist and hold them until that artist made it big, the value of NFTs would increase exponentially in value.” Bott explains, “It works in the same way that real estate or any other investment can directly earn from the fame or success of its artist. There are many ways that a community can be nurtured around profit and artists take that into account. At Metalabs, we constantly consult for the growing number of influencers, businesses and artists who want to take their brand from web 2 to web 3 and help them see why it matters and how to use Metaverse and NFT to build community and create value within their existing community. would not only build around the love of art, but it can be made even stronger by allowing fans to somehow own a piece of the artist’s legacy.”
Bott continues, “The power of ownership is a key reason why NFT-based programs can build more robust communities. Meta Bounty Hunters, which serves as the NFT community behind MetaLabs, exemplifies this power; with a collection of around 8,888 elite members called Bounty Hunters, who share a community mindset, it is one of the most valuable NFT communities on the Internet.”
“The community pays our weekly brainstorming benefits to its community members to strengthen the bond with the community and also selflessly contribute to ‘Do Good Things’ voted for by the DAO (Decentralized Autonomous Organization) community.” These causes are usually focused on a species, humanity or country.” According to Bott, the power of ownership, shared purpose, and a powerful reward system are responsible for community growth.
The Death Row Session NFT crash may not have been the biggest NFT crash ever, but it brought the possibility of NFT music into the spotlight in a unique way. Web 3 offers an opportunity for artists and fans to enjoy a bigger piece of the pie, and according to Bott, “Whatever sectors of the industry aren’t satisfied yet would have to come together and figure out a way to get their share of the pie sooner rather than later.”