In recent years, Snoop Dogg has emerged as a prominent advocate for NFTs, expressing dissatisfaction with the conventional streaming model.
In 2022, after gaining control of the Deаth Row Records catalog, he withdrew a significant portion from streaming platforms until earlier this year. Notably, he aimed to transform Deаth Row into an “NFT record label,” with his supergroup Mount Westmore releasing their debut album as an NFT on Gala Music.
In a recent interview on the podcast Business Untitled, Snoop revealed the catalyst behind his interest in NFTs: a mere $45,000 earnings from one billiоn Spotify streams.
Snoop expressed frustration about others exploiting his likeness and nаme for product endorsements, but he found a solution in NFTs. Embracing this technology provided transparency, allowing artists to directly earn income without the 30 percent cut taken by platforms like Apple.
Snoop emphasized the lack of transparency in the music and film industries and highlighted the potential for blockchain technology to reshape the distribution of earnings.
Unlike traditional platforms, NFTs enable direct payments from purchases to artists, eliminating delays and reducing administrative costs. While acknowledging the disruptive NFT craze, Snoop underscored the technology’s original promise, providing artists an alternative to low-paying streaming services like Spotify.
Despite potential skepticism about the specific $45,000 claim, Snoop’s broader point addresses the ongoing issue of streaming platforms, such as Spotify, facing criticism for their meager payouts to artists. Snoop’s experience, rooted in his pre-streaming era popularity, hints at the challenges artists face in navigating the intricate major label system. Regardless, Snoop’s exploration of NFTs signifies a strategic move to revitalize his revenue streams and adapt to evolving paradigms in the music industry.