American rock band Kings of Leon released their 2021 album When you see yourself as NFT, becoming the first group and pretty much the first artists to successfully release their songs as NFT. However, since the Nashville-based band took this bold step, the thought of NFT music has become very appealing to indie artists.
Shortly after the release of the Kings of Leon album, electronic dance music star Justin Blau – better known by his artist nickname, 3LAU – sold his album, ultraviolet, one collection of 33 different NFTs and grossed $11.7 million, shocking everyone including himself. However, like anything else in the industry, NFT music desperately needed an A-lister on board to find its day in the sun; in stages, the Hip Hop Legend Snoop Dogg.
Snoop Dogg has remained invested in all cutting-edge and new industries of late, from cannabis to blockchain; Snoop has remained relevant in conversations and recently upped the ante by posting the first drop of his very first album NFT, Death Row Session Vol.2. The first drop of the album sold for a total of 100 Ether
Travis Bott, CEO of MetaLabs Agency, a blockchain solution and collectibles platform DApps and NFTs, explains why NFTs are inevitable; “Blockchain, NFTs, and the metaverse are no longer just a possibility, they’re inevitable. It’s not a world-changing phenomenon; it’s already changing it as we speak. The resistance we’re seeing now among elite record labels and big government is going to be short lived because this phenomenon benefits everyone. We are literally recreating a digital version of our world, and it’s just a matter of when and not if, the entertainment industry completely aligns.
Bott, who recently left one of his 9-figure ventures, has been one of the most vocal proponents of NFTs and blockchain. As a successful entrepreneur with multiple exits, he has since thrown his hat into the blockchain ring. The MetaLabs NFT collection, Meta Bounty Hunters, recently minted $18 million in revenue in just three weeks, which Bott cites as evidence of growing excitement around the world.
Independent artists see a way to earn more
As well as being a bold move, Snoop’s release of Death Row Session, Vol 2 was special as it featured four notable indie artists on the project who had already made a name for themselves in the Web 3 music space. Death Row Session, Vol 2 featured Iman Europe, MoRuf Adewunmi, Black Dave and Heno. The four artists have been selling musical NFTs since 2021.
In a interview with Fortune, Iman Europe highlighted one of the many benefits of NFT music streaming as “creative and financial freedom”. Iman insists that Web 3 allows her to stream music whenever she wants, value it at a price she deserves, and earn way more than she would from streaming services. “One ETH is equivalent to nearly a million music streams,” says Iman. She adds of her collaboration with Snoop, “I did this in two minutes. A complete paradigm shift for sure.”
For most of these independent artists, the ability to ensure they get paid quickly and generously for their art and not having to wait a year for royalty checks makes NFT music much more appealing than traditional streams. .
Travis Bott explains why these possibilities are so exciting for independent artists; “Smart contracts execute a set of instructions on the blockchain and eliminate reliance on middlemen, banks or record companies. I recently left one of my companies for 9 figures, but the The whole process of banks holding our money and moving it from bank to bank was a 26 day process, comparatively, I negotiated blockchain deals worth millions of dollars, in 15 minutes. The smart contract automatically splits funds between all parties and sends us our brokerage fees. It’s impossible to get tricked and this has found application in music collaborations done on the blockchain. It’s the future and it’s That’s why at MetaLabs, we’ve created a SaaS software platform where we help artists, influencers, and businesses with mining templates and strategies, Full Stack development, e-commerce, and more. onics, smart contract auditing, NFT marketplaces and launch pads… an end-to-end experience that can easily take them from web 2 to web 3.”
Snoop Dogg seems to agree with the position, as he explained on the Firefox Podcast. Snoop expressed his longtime desire to see those who helped make music compensated adequately. According to him, “My fans made me who I am, but never had the opportunity to really make money from my music and my journey.” Snoop’s eagerness to see people adequately compensated led him to highlight the album’s four new artists and give them a split in the smart contract; that way Death Row doesn’t pay them; the smart contract executes the payment from the income, it’s automatic and transparent.
Building stronger communities
Snoop Dogg’s enthusiasm for the Web 3 space isn’t limited to the new album; he recently announced that he was turning his label Death Row Records into an NFT label. According to Snoop, building a community and giving back to fans are at the heart of this decision. In his words, “Throughout my career, we’ve made music and charged fans for everything from tickets to merchandising, and they could only appreciate the music in return, but now they can own some of it, l trade and make money on it.”
The possibilities that Web 3 presents for building communities are enormous; fans have always been metaphorically invested in the artists they love, but NFTs mean they can be invested and get financial returns.
“Just imagine if fans could buy a new artist’s NFTs and hold onto them until that artist becomes big, the value of NFTs would increase exponentially.” Bott explains, “It works the same way as real estate or any other investment work and fans can gain direct fame or success from their artist. There are many ways to foster a community around profit and artists take notice.At Metalabs, we are constantly consulting with an ever-growing number of influencers, businesses and artists who want to take their brand from web 2 to web 3 and help them understand why this is important and how to use the metaverse and NFTs to build community and create value within their existing communities Community building would no longer be built solely around a love of art, but it can be made even more strong in allowing fans to own a piece of the artist’s legacy in some way.
Bott continues, “The power of ownership is one of the main reasons NFT-based programs can create stronger communities. Meta Bounty Hunters, which serves as the NFT community behind MetaLabs, exemplifies this power; with a collection of approximately 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 reflection allowances to members of its community to strengthen the community bond and also selflessly contributes to the “Do good causes” voted by the community DAO (Decentralized Autonomous Organization). These causes are usually species-, humanity-, or earth-oriented. According to Bott, the power of ownership, common purpose, and a powerful reward system are responsible for community growth.
Death Row Session’s NFT drop may not have been the highest-grossing NFT drop of all time, but it put the perspective of NFT music in the spotlight in a unique way. Web 3 offers artists and fans the opportunity to enjoy a bigger piece of the pie, and according to Bott, “Whatever sectors of the industry are not yet satisfied, they should line up and find a way to get their piece of the pie. the pie as soon as possible.”