Described by many users and outsiders as the Wild West, Web3 is open source and decentralized, and has led many to look for ways to benefit from its features, especially with the growing Metaverse.
While Some companies and investors are figuring out where to place their best bets, popular rapper and non-fungible token collector Snoop Dogg seems to have found his groove and is getting ahead of many in the market.
The cannabis and NFT connoisseur announced that he had joined the digital native lifestyle and gaming platform FaZe Clan on March 7, with the intention of reinforcing the cultural connection between music and gaming.. Through his involvement in digital collectibles, Snoop Dogg has elevated his credentials in the Web3 industry and is considered by experts to be a leading voice.
joined @FaZeClan. pic.twitter.com/jQWWpsHO5L
— Snoop Dogg (@SnoopDogg) March 7, 2022
From building the Snoopverse in The Sandbox to creating the online pseudonym “Cozomo de’ Medici,” Snoop Dogg’s digital footprint is hard to ignore. The rapper’s impact and influence on the industry is undeniable, with at least one investor spending more than $450,000 for a parcel of digital land adjacent to the rapper’s virtual land.
Snoop’s involvement in Web3 highlights innovation, content creation and development, and ownership. The rapper is not deprived of releasing everything at all times in the sector, which is why some conclude that he could be the current face of Web3 and that he is leading the way for other creators.
New avenues open for musical NFTs
Music NFTs follow the popularity of visual arts NFTs, and there are currently some strategic partnerships underway. For example, Snoop Dogg recently acquired Death Row Records and intends to make it the first NFT record label in the metaverse. Others are finding impact by teaming up with other artists.
Royal, an NFT copyright platform founded by DJ and music producer 3lau, has partnered with rapper Nas to showcase the many ways artists can connect with their fans while directly generating streams of music. income from your creations. However, not only the big names in the industry are pouring into the technology and the sector.
music NFTs are gunna have their PFP moment soon enough so consider yourself not only early, but lucky!
“ford or a hemi” is now available on @catalogworks (you can listen for free, check it out!)https://t.co/lcKnleIUZk
— ✨Freddy Got Magic✨ (@SupaBwe) March 12, 2022
Musical NFTs are going to have their PFP moment very soon, so consider yourself not just early, but lucky!
Web3 experts are excited about the creative freedom of the metaverse and are realizing that NFTs can provide a means for artists to receive fair compensation. Related to this trend, Iman Europe, a musician and head of artist relations at music startup NFT Sound, highlighted to Bloomberg how much artists are put down in the traditional music industry, saying, “One person bought my song for the amount it would have taken a million streams to get it.” On March 14, Snoop Dogg launched a musical NFT through Sound that sold out and raised 100 Ether (ETH) ($271,399).
After browsing the Web2 streaming models, creators are building better structures within music NFTs for a living. Latashá, an artist and the head of community programming at the NFT market protocol Zora, has sold more than 50 non-fungible music and media tokenstelling the NFT-focused blockchain platform Palm that they sell for an average of $20,000 for each 1/1 artwork.
In contrast to the Web2 model, where artists need to reach hundreds of streams before earning even a dollar, Web3’s infrastructure brings ownership into the mix.
Just so you know…… pic.twitter.com/t8m3PerxT9
— T-Pain (@TPAIN) December 29, 2021
Platforms like Sound, Audius, Zora, Royal, and Catalog focus on artists retaining ownership rights to their music NFTs, allowing them to receive royalties every time they are resold. Since music NFTs are minted on a blockchain and backed by metadata, copyright disclaimer issues are mitigated. Blockchains also make it easy to track where content is used and distributed. This change allows artists to be compensated directly.
Snoop Dogg could be carrying the torch of what’s possible when independent musicians take on major labels.. He and other Web3 denizens have unveiled how creators and owners can profit in the ecosystem with future listening and earning rewards through music NFTs.
Although music NFTs have not experienced the same boom as profile testing (PFP) NFTs, there has been further development of their usefulness and functionality beyond serving as audio files. The Web3 and blockchain infrastructure has unlocked and revolutionized the maker economy industry.
Creator economies are built for Web3
Web3 is the next iteration of the Internet, and although it’s hard to define, the industry favors creatives and creators. Since the infrastructure of Web3 is based on the blockchain, artists want a certain level of autonomy and transparency. Web3 moves away from the ideals of Web2, in which Big Tech platforms govern, manage and own the data. It also allows users to own and benefit from their creations.
“What I found in my pursuit of continued creative autonomy in web3 last year was freedom and the ability to exhale for the first time in a long time. It’s been a nonstop rollercoaster of ideation, creation and execution.”
— cdixon.eth (@cdixon) January 7, 2022
“What I found in my quest for continued creative autonomy at web3 this past year was the freedom and ability to exhale for the first time in a long time. It’s been a non-stop rollercoaster ride of ideation, creation and execution.”
While YouTube pioneered a new way for users to create, present and distribute content, platforms are integrating Web3’s proprietary features into their models. Web3 aims to democratize the creation and distribution of data through smart contracts, copyrights, and various revenue streams.
The notion of ownership in Web3 benefits both the creator and their communities through provenance.. Since content licensing can be captured on blockchain networks, the goal is to leave behind the days when creative works were persistently pirated.
Music industry’s anti-piracy operations putting the focus on NFTs and the metaverse https://t.co/akSkAr9IsC @CMU pic.twitter.com/gvqAIyTm7b
— Adrian Fusiarski (@Buzzsonic) February 16, 2022
Music Industry Anti-Piracy Operations Spotlight NFTs and the Metaverse
Web3 began to rear its head with the rise of NFTs and had an impact on numerous sectors. Beyond visual arts and music, blockchain and Web3 have made their way into gaming, influencing its biggest players. Ryan Watt resigned as head of gaming at YouTube and has moved into blockchain gaming and Web3, currently working as CEO of Polygon Studios.
As blockchain games become more widely adopted, the convergence of creator and streamer will become more frequent. With more projects in development, there is a greater need to create and develop content to attract new users and keep existing members engaged. Web3 is constantly beginning to change not only who engages and engages with content, but also how content creation is made possible.
Creators are no longer limited to a single industry on Web3, as Snoop Dogg and his association with FaZe Clan have made clear.
Creators, streamers, and gamers will no longer rely on platforms like YouTube or Twitch to monetize their content, but instead rely directly on decentralized, native Web3 platforms.
Artists are taking advantage of the decentralized element of Web3, beyond its monetary benefit, and using the technology for the greater good. For example, the Russian activist group Pussy Riot, which is using its platform for philanthropic efforts through UkraineDAO. In this way, Web3 can facilitate civic engagement and action without the usual bureaucracy.
Web3 has just reached the media and is already causing drastic changes in various sectors. As an early adopter of Web3, Snoop Dogg could very well be leading the way for other creators.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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