On April 20, the rapper, songwriter and entrepreneur posted Death Row Session: Vol. 2 on Sound.xyz in the form of NFTs. In a single day, the 1,000 copies were sold for a total of 100 Ethers (ETH), a little over $300,000 at the time.
NFTs and Web3 are no strangers to Snoop. He owns a number of digital assets, including NFT Cryptopunk and Bored Ape. He also produced a number of them. Snoop additionally released songs and a video as NFT.
This time he took a different approach. He shouted out Iman Europe, MoRuf Adewunmi, Black Dave and Heno, all of whom are known to have paved the way for Web3 artists.
Web3 and NFT condemn traditional music labels!
Recently, several celebrities have been promoting NFTs, either to promote their own collections or to promote a new investment. Artists are increasingly turning to this sector, as they see it as a more lucrative method of earning a living than what the traditional music industry has to offer.
Instead of depending on a label or streaming service, blockchain technology allows artists to set their own prices, receive royalties from secondary market sales, and communicate directly with their fans.
Web3 is seen as the future of the music industry.
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Nigerian American rapper MoRuf (34) told Fortune: “ Web3 is credible and a real phenomenon. It has allowed us to support ourselves through our work and form a community we never imagined existed.. That’s his strength.”.