MBW Reacts is a series of short commentary pieces by the MBW team. These are our ‘rapid’ reactions – through the lens of music – to major entertainment news stories.
Snoop Dogg is always the earliest adopter.
Back in 2013, when Instagram Yes less than a billion users than it todayand recently followed New ownership of FacebookSnoop Dogg release Snoopifya photo editing and sharing app that allows users to add Snoop-inspired stickers to their photos.
Speaking at the time, Snoop Dogg note: “Now that everyone is focused on sharing photos on social media, I wanted to create an app that would allow my fans to add fun images to their photos and Snoopify themselves.”
Many other subsequent investments underscore Snoop Dogg’s astute ability to get the right horse back, like it’s on the cusp of turning into a unicorn.
One such investment is in Reddit.
2014 Snoop Dogg joined $50 million investment round in a blog/forum platform, valuing the company at around $500 million.
As of August 2021, the value of Reddit is 10 billion dollars.
Snoop Dogg’s investments in the cannabis business are equally wise.
2015, the year before approved weed to be legalized for recreational use in California (November 2016), Los Angeles-based co-founder Snoop Dogg The capital city of Casa Verde, a venture fund for the cannabis industry that has since gone on to invest in several well-known cannabis-focused companies.
Today, Snoop Dogg has turned his attention to the lucrative world of NFT.
One of Snoop’s first NFT sales landed last April, right in the middle of the NFT boom, with his “Dogg’s Journey” auction showing a collectable piece – one-of-a-kind digital artwork titled “Death Row” – sell for more than $100,000.
Come September, Snoop Dogg declare that he has an alias; NFT’s anonymous art collector known as Cozomo de’ Medici, who, at the time of disclosure, had a digital collection worth more than 17 million dollars.
Then Snoop teamed up with metaverse gaming platform The Sandbox to sell ‘The Snoopverse Early Access Pass ‘, granting buyers access to “all the Snoopverse experiences before anyone else”.
Snoopverse is Snoop Dogg’s own branded world in The Sandbox and only 5,000 early hits were made. Each one costs $1,685.25 and according to The Sandbox currently has 1,012 ownerswhich means the sale has raised more than $1.7 million to date.
And then Snoop hit the NFT jackpot: earlier this month, he sell more NFT ‘Stash Box’ $44 million for his new album BODR in less than a week, after releasing 10,000 NFT limited edition through the Gala Music platform.
Snoop Dogg’s latest crypto-related release arrived just last week, again through The Sandbox: a collection of 10,000 won created programmatically Snoop Dogg The NFT avatar is called ‘Doggies’.
Avatars grant owners access to virtual events and concerts, and allow them to play games, “hang out with friends, and explore the metaverse like a boss.”
One of these ‘Doggies’ NFTs costs 150 SAND, the cryptocurrency used in the Sandbox.
At the time of writing (10am PT February 28), a ‘SAND’ valuable equivalent USD $3.07. So just buying a ‘Doggie’ for that 150 SAND will cost you $460.50.
For fans of the times table, that $460.50 price tag means that if Snoop Dogg and Sandbox sold each of the 10,000 ‘Doggies’, sales would gross over $4.6 million.
“The investment will be worth it,” Sandbox assured us in a media release announcing the sale of Snoop.
Just a few of Snoop Dogg’s other NFT projects including a digital portrait sold through Super rareone NFT decrease on Solana, and Exclusive NFT project ‘Masterminds of Hip-Hop’with many others certainly yet to be announced.
“We are at the cusp of the digital revolution,” tweeted Snoop Dogg in December. “Wake up and take it.”Worldwide music business
https://www.musicbusinessworldwide.com/snoop-dogg-is-building-a-crypto-empire-one-nft-at-a-time1/ Snoop Dogg is building a crypto empire, one NFT at a time