On April 20, Death Row Session: Vol. 2 was released as a non-fungible token (NFT) on the platform Sound.xyz. One day, all 1,000 copies quickly sold out for just over $300,000.
Not many people are new to Web3, which is the name for a decentralized version of the internet that uses blockchain technology. Snoop is not one of them, though. He owns a lot of digital assets, like CryptoPunk and Bored Ape NFTs, and has made his own before. He’s even made songs and a music video with NFTs in the past. It was different this time. He put Iman Europe, MoRuf Adewunmi, Black Dave, and Heno in the mix. These musicians helped set the stage for Web3 artists, so he put them in.
Many celebrities have recently been talking about NFTs, either to show off their own collections or to get people excited about a new business idea. However, more and more young artists are turning to the sector as a way to make money instead of the traditional music business, which doesn’t offer as many chances to make money.
It’s better for artists to work with a record label or a streaming service, but blockchain technology lets them set their own prices, get money from second-hand sales, and communicate with their fans. People who make music like Europe, MoRuf, Black Dave, and Heno think Web3 will be the next big thing in business.
“Web3 is real and true,” said MoRuf, 34, who is a teacher. This gave us the chance to make money through our work and build a community that we didn’t know existed. “That’s strength.
Even though Europe, MoRuf, Black Dave, and Heno were just on a big mix with Snoop, they’ve all been selling music NFTs since 2021, which is a long time in the world of Web 3. On the other hand, Black Dave made different types of NFTs in December 2020.
All of them had a lot of experience in the traditional music business. They were drawn to Web3 for a number of reasons, including more money, a chance to connect with other people, and a better understanding of the technology that underpins NFTs.
There has been a rise in the use of NFTs and Web3 for music. There were some early adopters of the technology, but many other up-and-coming musicians have used it in addition to or instead of traditional channels like record deals and streaming platforms.
Web3 platforms that are only for music NFTs, like Sound.xyz and OneOf, are available for musicians to use to distribute their own tracks. It’s not just OpenSea that sells songs, albums, and music videos. There are other major NFT markets where these things can be sold as well, such as Nifty Gateway, SuperRare, and Nifty Gateway.
Music NFTs are also becoming more popular. In 2021, the main sales of music NFTs will be more than $83 million. This is a lot of money because NFTs have only recently become popular. Mike Winkelmann, better known as Beeple, sold his $69 million digital asset in March 2021, which made the digital assets popular. Platforms charge fees and collaborations split revenue.