Snoop Dogg is the new owner of Death Row Records and has said he wants to make it the first NFT label.
To start things off, Snopp dropped his 20th album B.O.D.R. (Bacc On Death Row) on Death Row last week.
The album didn't make any noise on the traditional charts, but there is a report it's already helped Snoop make $44 million through NFTs.
According to Trapical:
As part of B.O.D.R’s release, Snoop released a Stash Box NFT collection in collaboration with Gala Music, a decentralized record company. He released 25,000 NFTs for $5,000 each (16,208 still available as of publishing). Each NFT includes one of the 17 tracks as an NFT. Owners who get all 17 tracks will be invited to private events, potential BBQs at Snoop’s house, a commemorative chain, other VIP benefits.
If we assume that the other 8,792 NFTs have already been purchased for $5,000 each, then that’s nearly $44 million in revenue generated from Snoop’s Stash Box NFTs that went on sale on Friday! The terms are undisclosed, but even if we conservatively assume Snoop’s cut is 50%, that’s still a tremendous payout.
We are always a little skeptical of anything coming out of the NFT world, which is very unregulated and full of value-pumping schemes and scams.
But if this is even somewhat true, Snoop's stewardship of Death Row is off to a great start.