Web3 has been described by both users and outsiders alike as the Wild West. It is open-source, decentralized and free. This has led many to seek out ways to make money from it, particularly with the Metaverse.
While investors and companies are trying to figure out the best places to bet, Snoop Dogg, a popular rapper and collector of nonfungible tokens seems to have found his groove and is beating others to the market.
Snoop Dogg, a cannabis and NFT expert, announced that he joined the digitally native lifestyle platform FaZe Clan in March with the intent of strengthening the cultural link between music and gaming. Snoop Dogg’s participation in digital collectibles has helped him to rise in the Web3 sector. He is considered a prominent voice by pundits.
— Snoop Dogg @SnoopDogg
March 7, 2022
Snoop Dogg’s digital footprint can’t be ignored, from creating Snoopverse in The Sandbox to the creation of the pseudonymous online character “Cozomo De’ Medici,” It is evident that the rapper’s influence and impact on the industry are undisputed. At least one investor spent upwards of $450,000 to purchase a piece of digital land next to his virtual estate.
Snoop’s participation at Web3 highlights innovation and content creation, development and ownership. Snoop is not afraid to drop it like it’s hot in every sector. This has led some to conclude that he could be the face of Web3 right now and is setting the example for other creators.
Music NFTs have new avenues
Music NFTs are aiming to replicate the success of visual art NFTs. There are several strategic partnerships in place. Snoop Dogg, for example, recently purchased Death Row Records. He plans to make it the first NFT-recording label in the Metaverse. Other artists are also finding success in partnering up with other artists.
Royal, an NFT royalty platform, was founded by 3lau, a DJ and music producer. It partnered with Nas to raise awareness about the many ways artists can connect to their fans, while also generating revenue streams directly from their creations. It’s not only the top names in the industry that are focusing on technology and the sector.
Music NFTs will soon have their PFP moment so be sure to consider yourself lucky.
— Freddy Got Magic (@SupaBwe).
March 12, 2022
Web3 pundits are thrilled about the Metaverse’s creative freedom and realize that NFTs could provide an opportunity for artists to receive fair compensation. Iman Europe, a musician who is also the head of artist relations at Sound NFT music startup, spoke out to Bloomberg about this trend. He said that he had only one buyer for his song, and it raised 100 Ether ( ETH).
Creators have learned how to navigate Web2 streaming models and are now building better structures in music NFTs to earn a living. Latasha is an artist and heads community programming at NFT platform protocol Zora. She has sold more than 50 music and multimedia tokens, telling NFT focused blockchain platform Palm that they average $20,000 per 1/1 artwork.
Contrary to Web2, where artists must hit hundreds of streams before making even $1, Web3’s infrastructure allows for ownership.
Just so you know…… pic.twitter.com/t8m3PerxT9
— T-Pain (@TPAIN)
December 29, 2021
Sound, Audius Zora Royal, Royal, and Catalog all focus on artists keeping ownership rights to their NFTs. This allows them to collect royalties each time they are sold. Music NFTs are created on blockchains and are backed up by metadata to reduce the risk of intellectual property rights being lost. Blockchains allow for the tracking of where content is distributed and used. This allows artists to receive direct compensation.
Snoop Dogg may be the one to carry the torch for independent musicians reaching major labels. Web3’s other denizens, including Snoop Dogg, have raised awareness about how creators and their owners can reap the rewards of music NFTs.
While music NFTs may not have seen the same rise in popularity as proof-of profile (PFP), NFTs, there have been greater developments in their utility and functionality beyond serving audio files. Web3 and blockchain have revolutionized the industry for the creator economy.
Web3 is home to creator economies
Web3 is the next generation of the internet. While it can be difficult to define, it favors creators and creatives. Web3’s infrastructure is built on blockchain. Artists want transparency and autonomy. Web3 is not in line with the Web2 vision of Big Tech platforms controlling, managing and owning data. Web3 allows users to create and profit from their creations.
“What I discovered in my pursuit for continued creative autonomy in web3 was freedom and the ability of exhale for first time in a very long time.” It has been an endless rollercoaster ride of creation, ideation and execution.
— cdixon.eth (@cdixon)
January 7, 2022
YouTube was the first platform to allow users to create, present, and distribute content. Now, many platforms integrate Web3 features of ownership in their models. Web3 is a platform that aims to make data creation and distribution more accessible through smart contracts and royalties, as well as other revenue streams.
Because of the provenance, Web3 allows creators and communities to share ownership. The goal is to eliminate the days of creative works being persistently stolen by capturing content licensing on blockchain networks.
— Adrian Fusiarski (@Buzzsonic)
February 16, 2022
Web3 emerged with the explosion of NFTs, and has had a profound impact on many sectors. Blockchain and Web3 have influenced the gaming industry, in addition to visual arts and music. Ryan Watt, who was YouTube’s head of gaming, resigned and has moved into Web3 and blockchain gaming. He is currently the CEO at Polygon Studios.
Blockchain gaming will be more popular as the merging of creator and streamer becomes more common. There are more projects under development so there is a greater need to create and develop content to attract new users and keep current members engaged. Web3 is slowly changing the way content is created and shared.
Web3’s creators are not confined to one sector, as Snoop Dogg demonstrated with his partnership of FaZe Clan.
Creators, streamers, and gamers won’t have to rely on Twitch or YouTube to monetize their content. Instead, they can get support directly through decentralized Web3 native platforms.
Artists are using Web3’s decentralized aspect beyond its financial benefit and using it for the greater good. Pussy Riot is a Russian activist group that uses its platform for philanthropic endeavors via UkraineDAO. Web3 allows civic engagement and action to be made without any red tape.
Web3 is a new media term that has just reached mainstream media. It is already leading to major shifts in many industries. Web3 was adopted by Snoop Dogg as a pioneer.
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.