Snoop Dogg may be the face of Web3 and NFTs, but what does that mean for the industry?

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Described by many users and outsiders as the Wild West, Web3 is open-source and decentralized, and it has prompted many to look for ways to take advantage of 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-replaceable token collector Snoop Dogg seems to have found his rhythm, beating many in the market.

The cannabis and NFT connoisseur announced that he had joined digital native lifestyle and gaming platform FaZe Clan on March 7, with the intent of cementing the cultural bond between music and gaming. Through his participation in digital collectibles, Snoop Dogg has increased his credentials in the Web3 sector and is considered a prominent voice by experts.

From building Snoopverse in The Sandbox to creating the pseudonymous online persona ‘Cozomo de’ Medici’, Snoop Dogg’s digital footprint is hard to ignore. The impact and influence the rapper has had on the industry is undeniable, with at least one investor spending more than $450,000 on a piece of digital land adjacent to the rapper’s virtual estate.

Snoop’s participation in Web3 emphasizes innovation, content creation and development and ownership. The rapper doesn’t shy away from dropping it like it’s hot at every turn in the industry, leading some to conclude that he could be the current face of Web3 and lead the way for other creators

New avenues are opening for music NFTs

Music NFTs come after the popularity seen by visual arts NFTs, and some strategic partnerships are currently underway. For example, Snoop Dogg recently acquired Death Row Records and plans to make it the first NFT recording label in the Metaverse. Others find impact by collaborating with other artists.

Royal, an NFT royalty platform founded by DJ and music producer 3lau, teamed up with rapper Nas to raise awareness about the different ways artists can connect with their fans while monetizing their creations. However, it is not just the big names in the industry that are turning their heads towards the technology and the sector.

Web3 experts are raving about the creative freedom in the Metaverse and are beginning to realize that NFTs can be a means for artists to get fair compensation. Speaking about this trend, Iman Europe, a musician and the head of artist relations at NFT music startup Sound, emphasized to Bloomberg how many artists are being undermined in the traditional music industry, proverb: “I had one person buy my song for the amount it would have cost a million streams to get.” On March 14, Snoop Dogg released a music NFT via Sound that sold out and grossed 100 Ether (ETH) ($271,399).

After navigating Web2 streaming models, creators are building better structures within music NFTs to support themselves. Latashá, an artist and head of community programming at the NFT marketplace protocol Zora, has sold more than 50 non-replaceable music and multimedia tokens, to tell NFT-focused blockchain platform Palm that they sell for an average of $20,000 per 1/1 piece of art.

Unlike the Web2 model where artists have to reach hundreds of streams before making even $1, Web3’s infrastructure introduces ownership into the mix.

Platforms such as Sound, Audius, Zora, Royal and Catalog target artists who retain ownership rights to their music NFTs, allowing them to receive royalties every time they are resold. Because music NFTs are stored on a blockchain and backed by metadata, issues with waiving intellectual property rights are mitigated. Blockchains also facilitate tracking where the content is used and distributed. Due to this change, artists can be compensated directly.

Snoop Dogg could be carrying the torch for what’s possible when independent musicians reach major labels. He and other Web3 residents have been raising awareness of how creators and owners can take advantage of the ecosystem with future listen-and-earn rewards through music NFTs.

While music NFTs have not seen the same emergence as proof-of-profile (PFP) NFTs, there have been increased advancements in their usability and functionality go beyond just serving as audio files. The infrastructure of Web3 and blockchain has unlocked and revolutionized the creative economy industry.

Creator economies built for Web3

Web3 is the next iteration of the Internet, and while it may be hard to define, the industry favors creatives and creators. Because Web3’s infrastructure is built on the blockchain, artists demand a degree of autonomy and transparency. Web3 strays from the Web2 ideals of Big Tech platforms that manage, manage and own data. It also allows users to own and potentially benefit from their creations.

While YouTube pioneered a new way for users to create, present, and distribute content, platforms are now integrating Web3 proprietary features into their models. Web3 aims to democratize the creation and distribution of data through smart contracts, royalties and various revenue streams.

The idea of ​​ownership in Web3 benefits both the creator and their communities because of its provenance. Given that content licenses can be recorded on blockchain networks, the goal is that the days of persistent illegal copying of creative works are long behind us.

Web3 took off with the emergence of NFTs and impacted many industries. In addition to visual arts and music, blockchain and Web3 have made their way into gaming and have influenced key players. Ryan Watt has resigned as head of gaming at YouTube and moved to blockchain gaming and Web3, currently serving as CEO of Polygon Studios.

As blockchain gaming becomes more widely adopted, creator-streamer convergence will become more common. 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 steadily beginning to change not just who engages with and participates in content, but also how content creation itself is made possible.

Creators are no longer pinned down to one sector in Web3, as evidenced by Snoop Dogg and his partnership with FaZe Clan.

Creators, streamers and gamers will no longer depend on platforms like YouTube or Twitch to monetize their content; instead, they can be directly supported on decentralized, Web3-native platforms.

Artists take advantage of the decentralized element of Web3, in addition to the financial benefit, and use the technology for the greater good. Take, for example, the Russian activist group Pussy Riot, which uses its platform for philanthropic efforts via UkraineDAO. In this way, Web3 can facilitate community engagement and action without the usual red tape.

Web3 has only recently reached the vernacular of the media and is already leading to drastic hinges in several industries. As one of Web3’s earlier users, Snoop Dogg could very well be paving the way for other creators to follow.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Coin-Crypto.com. Every investment and trading move involves risks, you should do your own research when making a decision.

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