Snoop Dogg looks to be the unofficial face of Web3 and potentially NFTs, but what is the true influence of Web3 on creative industries?
Web3 has been described as the Wild West by many users and outsiders. It is open-source and decentralized, and it has prompted many to explore for methods to benefit from its capabilities, particularly with the expanding Metaverse.
While some firms and investors are deciding where to make their best bets, renowned rapper and nonfungible token collector Snoop Dogg seems to have found his groove and is outperforming many others.
On March 7, the cannabis and NFT enthusiast announced his membership in the digitally native lifestyle and gaming platform FaZe Clan, with the goal of enhancing the cultural link between music and gaming. Snoop Dogg’s involvement with digital collectibles has improved his credentials in the Web3 industry, and he is seen as a key voice by commentators.
Snoop Dogg’s digital impact is difficult to ignore, from founding Snoopverse in The Sandbox to inventing the pseudonymous online character “Cozomo de’ Medici.” The rapper’s effect and influence in the industry are clear, with at least one investor shelling out upwards of $450,000 for a piece of digital property close to the rapper’s virtual home.
Snoop’s involvement in Web3 emphasizes innovation, content production and development, and ownership. The rapper is not afraid to drop it like it’s hot at every step in the industry, leading some to believe that he is the current face of Web3 and is paving the way for new artists.
New opportunities are emerging for music NFTs
Music NFTs are following in the footsteps of visual art NFTs in terms of popularity, and certain strategic alliances are now in the works. Snoop Dogg, for example, just bought Death Row Records and plans to transform it into the Metaverse’s first NFT music company. Others are finding success by collaborating with other musicians.
Royal, an NFT royalty platform developed by DJ and music producer 3lau, has collaborated with rapper Nas to raise awareness of the different ways artists may engage with their audience while directly earning money streams from their compositions. However, it is not just the industry’s great names who are paying attention to the technology and area.
Web3 commentators are thrilled about the Metaverse’s creative freedom and are realizing that NFTs may offer a way for artists to be fairly paid. In response to this trend, Iman Europe, a musician and the director of artist relations at NFT music startup Sound, told Bloomberg that “I had one individual purchase my song for the price it would have taken a million listens to obtain.” Snoop Dogg released a song NFT through Sound on March 14 that sold out and raised 100 Ether (ETH) ($271,399).
Creators are constructing better structures inside music NFTs to earn a living after negotiating Web2 streaming methods. Latashá, an artist and the director of community programming at NFT marketplace protocol Zora, has sold over 50 music and multimedia nonfungible tokens, informing NFT-focused blockchain platform Palm that each 1/1 artwork sells for $20,000 on average.
In contrast to the Web2 paradigm, in which artists must reach hundreds of streams before making even a dollar, Web3’s infrastructure adds ownership to the mix.
Platforms like as Sound, Audius, Zora, Royal, and Catalog place an emphasis on artists keeping ownership rights to their music NFTs, enabling them to earn royalties every time they are resold. Because music NFTs are issued on a blockchain and supported by information, the risks of ceding intellectual property rights are reduced. Blockchains also make it easier to trace where and how material is consumed and disseminated. Artists may now be reimbursed directly as a result of this move.
Snoop Dogg might be the torchbearer for what is possible when independent artists sign with large labels. He and other Web3 users have raised awareness about how producers and owners might profit from future listen-and-earn benefits through music NFTs.
Although music NFTs have not grown as rapidly as proof-of-profile (PFP) NFTs, there have been significant advances in their usability and capability beyond just functioning as audio files. The architecture of Web3 and blockchain has unlocked and transformed the creative economy business.
Web3 economies are intended for creators
Web3 is the next generation of the internet, and although it is difficult to describe, it benefits creatives and artists. Because Web3’s infrastructure is based on the blockchain, artists want a certain amount of autonomy and transparency. Web3 departs from the Web2 concepts of Big Tech platforms that regulate, manage, and own data. It also allows users to own and profit from their works.
While YouTube pioneered a new method for people to produce, show, and share content, platforms are also incorporating Web3 ownership elements into their business models. Web3 intends to democratize data generation and dissemination using smart contracts, royalties, and other income sources.
Because of provenance, the concept of ownership in Web3 helps both the creator and their community. Given that content licensing may be recorded on blockchain networks, the idea is to put an end to the days of creative works being constantly stolen.
Web3 first appeared with the rise of NFTs and has since influenced a wide range of industries. Beyond visual arts and music, blockchain and Web3 have made inroads into gaming, impacting important players. Ryan Watt quit as YouTube’s head of gaming and has since moved on to blockchain gaming and Web3, where he presently serves as CEO of Polygon Studios.
The confluence of the creator and streamer will become more common as blockchain gaming gets more broadly accepted. With more projects in the works, there is a greater need for material to be generated and developed in order to attract new users and keep current members interested. Web3 is gradually changing not just who engages and participates in content, but also how content production is made feasible.
Snoop Dogg and his collaboration with FaZe Clan demonstrate that creators are no longer confined to a single industry on Web3.
Creators, broadcasters, and gamers will no longer have to depend on platforms like YouTube or Twitch to commercialize their material; instead, they will be able to fund themselves directly on decentralized, Web3 native platforms.
Artists are taking use of the decentralized aspect of Web3 for reasons other than monetary gain, and are putting the technology to use for the greater good. Consider the Russian activist group Pussy Riot, which is leveraging its platform for charitable purposes via UkraineDAO. Web3 can therefore promote civic interaction and action without the customary red tape.
Web3 has only just entered the media lexicon, yet it is already causing major shifts in a variety of sectors. Snoop Dogg, as one of the early users of Web3, may be paving the way for other producers to follow.
