Snoop Dogg just released one of the more successful music NFTs the world has ever seen after BAYC and Cryptopunks. $44 million in revenue so far. Here’s the breakdown.
For his new album, B.O.D.R. (Back on Death Row), he dropped 25,000 Stash Box NFTs for $5,000 each. At the time of writing roughly 8,800 have been sold so far. That’s $44 million and counting. Snoop, then, really maximized the moment of his Super Bowl halftime show.
Last week, Snoop bought the Death Row Records brand. Sources at Bloomberg and SPIN say he will soon acquire the catalogue too. One of the world’s most renowned rappers has been waiting long time to run a label. He wanted to be Def Jam CEO but took an executive consultant role instead. Now, owning Death Row Records is an even better outcome.
The success of Snoop’s NFT project is a great way to attract new artists to Death Row and perhaps it is set to become a label of a new generation. One that employs all new tech and covers the largest target audiences of tomorrow.
The NFT music details
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”.
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.
Snoop Dogg as the NFT industry ambassandor?
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.
Parts of this article were taken from MBW