Snoop Dogg is big on NFTs

[TL;DR]

1. Dogg makes Death Row Records the first NFT Record Label.
2. Snoop bought this label which initially launched his career, from MNRK Music.
3. Snoop partnered with Gala music to release his new album B.O.D.R. (Bacc on Death Row) on the blockchain, creating a stash box that features one of the LP’s 17 songs as an NFT.
4. Snoop also partnered with Sandbox to launch 10,000 Snoop Dogg avatar NFTs. This report, however, discloses all the information in detail.


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Snoop Dogg makes "Death Row Records" the first NFT music label

Rap royalty, entertainer, and Crypto enthusiast; Calvin Broadus Jr, famously known as Snoop Dogg, recently made "Death Row records" the first NFT music label.

Death Row Records is one of Hip Hop's most prestigious record labels in history. The collective had some of the greatest artistic minds, such as Tupac, Snoop Dogg, Dr.Dre, and more. However, Snoop Dogg acquired the label on the 9th of February 202l, primarily founded in 1992 by "Dr. Dre and Suge Knight, the DOC and Dick Griffey" from MRNK Music Group also purchased the rights for the record label from Hasbro in 2019.

Snoop said in a statement that goes thus: "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, "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."

However, the ownership news was announced on the 15th of February on Clubhouse, a popular social media platform. During the meeting, Snoop Dogg made the following statement — "Death Row will be an NFT label, "We will be putting out artists through the metaverse, just like we broke the industry when we were the first independent record Label to be major, we want to be the first major in the metaverse.”

SnoopDogg’s NFT Case study

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Snoop Dogg is not an NFT bandwagon adopter nor a newcomer, as he had repeatedly played a huge part in the NFT movement. He revealed in September last year that he had been acquiring digital tokens under the alias "Cozomo de' Medici," after which he amassed a total of $17 million in NFT holdings.

In March 2021, he published his NFT collection, which contained "NFT," an original track, and "Snoop Doge Coins." He collaborated with the digital artist behind the Nyan Cat meme to release a "Nyan Dogg" NFT on April 20th. In November, he also minted a rate NFT, which sold for approximately $750,000.

In April 2021, he launched his 'Journey with the Dogg' collection on Crypto.com and collaborated with Solana in December that featured 9,999 limited-edition NFTs. He also released his "Decentral Eyes Dog NFT" in December, which sold for 188 ETH on the SuperRare NFT platform (about $585,000 at current exchange rates.)


However, 2022 began with an even more significant victory for SnoopDogg, as he partnered with Gala music, a decentralized music record label, to launch his new album B.O.D.R. (Bacc on Death Row) on the blockchain, as a stash box that features one of the "LP’s 17 songs as an NFT in the Gala Music store."

A total of 25,000 Stash Boxes are available for purchase, each priced at $5,000. A single Stash Box contains one of the new album's 17 track NFTs and a total of 1,470 available NFTs for each song.

According to the data collected from Music business worldwide, "Snoop Dogg sold over 8,000 Stash Box NFTs as of Monday, February 14, via the Gala Music store (at $5,000 apiece). And as of Tuesday, February 15, there were 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."


The collection's price history on the OpenSea marketplace is illustrated below:


The Open-Sea marketplace also shows the details of the collection, the current price, owners, and the different editions available.

Snoop Dogg also made the following statement before the end of the Clubhouse meeting — "If anything is constant, it’s that the music industry will always be changing, "Snoop stated 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 in front with this Gala Music deal." — Snoop Dogg.

Sandbox partners with Snoop Dogg

One of the most recognized blockchain-based metaverse game experiences, "The Sandbox," recently collaborated with Snoop Dogg to release 10,000 Snoop Dogg avatar NFTs on February 22, 2022.


As stated by Sandbox, "The 10,000 Snoop Dogg avatars are programmatically generated, handcrafted and Unique NFTs, containing over 150 traits." The 10,000 Snoop Dogg avatar NFTs are, however, divided into seven rarity categories:

1. Human: 63%
2. Blue: 11%
3. Alien: 10%
4. Zombie: 7%
5. Dogg: 5%
6. Robot: 3%
7. Golden: 1%

Two-thirds of the Doggies are familiar, but there are three types of uniquely created Doggies with unique traits:

1. Dope avatars: The dope avatars is a collection of Uniquely created, "dope, fresh and funky Doggies designed by the teams at The Sandbox and Snoop Dogg himself." — Sandbox

2. Classic avatars: The classic avatar is a collection of Doggies designed based on the history of Snoop Dogg. From these exclusive Doggies, Snoop’s greatest tracks throughout the years can easily be recognized.

3. Signature edition: The signature edition is a collection of Doggies that are completely unconventional. "The collection was created by teaming up with some of the greatest collections in the space to bring some unique 1/1 Doggies to the metaverse, making them playable in The Sandbox." — Sandbox

Conclusion

Many record executives and artists are already embracing the metaverse as the future of music. Record labels now see the metaverse as an ecosystem where new artists can be introduced to the public, perform in the metaverse, record, and even interact with fans. However, It's unlikely that Death Row Records will be the only NFT Record label. Other metaverse-based record labels will most likely launch worldwide in the coming weeks.



Author: Gate.io Researcher：M. Olatunji
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* This article represents only the views of the observers and does not constitute any investment suggestions.
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