The infamous rapper turned entrepreneur/crypto-enthusiast Snoop Dogg announced that he has sold many of his “Stash Box” NFTs for over $44 Million Dollars in just a five day period, demonstrating the power of his brand.
A History of Snoop Dogg NFTs
Snoop Dogg first dabbled with NFTs in March 2021 with the release of his “A Journey with the Dogg” NFT Collection on Crypto.com. The exclusive collection commemorated Snoop Dogg’s memories and past achievements from the early years of his career, using art inspired by the NFT movement. This included an original music label “NFT” – which became an instant hit.
Like many other big-name artists and celebrities, Snoop Dogg quickly came to realize the potential of NFTs as an avenue to market his brand and connect with fans.
Snoop Dogg said, “I’ve seen the game change over the years from analog to digital and I’m always happier when the technology lets the fans get to connect with the artists. NFTs are an amazing innovation and it is an honor to do my first drop with Crypto.com/NFT”.
Snoop Dogg and Death Row Records
On February 10, 2022, Snoop Dogg acquired Death Row Records, the very label that launched his musical career and made him into the music celebrity he is now.
In a statement, Snoop Dogg said, “It feels good to have ownership of the label I was part of at the beginning of my career and as one of the founding members. This is an extremely meaningful moment for me”.
At the end of the interview, he also mentioned, “I’m looking forward to building the next chapter of Death Row Records…which has immense untapped future value”.
Such a statement gave indicators as to what his next plans were.
Snoop Dogg’s “Stash Box” NFT Launch
Shortly after acquiring Death Row Records, Snoop Dogg rebranded the franchise as his twentieth studio album, B.O.D.R. (Bacc On Death Row). He released the new album on the blockchain through a partnership with gaming platform Gala Games, via his “Stash Box” NFTs, which were sold on Gala’s new “Gala Music store”. In addition, it was released on various streaming platforms and distributed by Create Music Group.
Snoop Dogg had alluded to this move a few days earlier in various press releases. He wanted to revive the old music label in order to bring some revenue back to the intellectual property he felt so fondly about. Not only that, but it’d seem that he wanted to immortalize his original company record label on the blockchain in his own special way.
Snoop Dogg said in an interview, “If anything is constant, it’s that the music industry will always be changing…Blockchain tech has the power to change everything again and tip the table in favor of the artists and the fans, and we’re going to be right at the front of the pack”.
Gala Games would appear to share Snoop Dogg’s vision of empowering fans through the union of music and blockchain technology. Gala Music bills itself as “the first decentralized record company”, with its mission of showing fans the power of the “listen-to-earn” blockchain model, showing artists the power of support within the Gala Games Ecosystem, and showing music corporations the power of rational and fair reward allocation.
More Than Just Digital Collectibles
Snoop Dogg’s “Stash Box” NFTs are a collection of 25,000 limited edition NFT “boxes” that each contain 1 of the 17 tracks in the B.O.D.R. (Bacc On Death Row) album. Each of these NFTs were listed at a cost of $5,000 at launch. Total sales have since skyrocketed to over $44 million so far. If all 25,000 NFTs sell out by the end of the launch, Snoop Dogg’s Stash Box NFTs will have generated a total revenue of $125 million.
Owners of Snoop Dogg’s Stash Box NFTs can expect “exclusive drops” along with their purchases. Those who receive all 17 songs from the Stash Box NFTs will receive VIP benefits, such as “special films, comics, images, and VIP hangouts with Snoop Dogg”, according to the Gala Music website. Not only that, but Gala Music also mentioned that song NFTs will have “earning potential on the Gala Music network”.
Coming back to the aforementioned “listen-to-earn” ecosystem, owners of each NFT track will be able to potentially profit from them in the future. In a shareholder-type deal, Stash Box NFT owners will receive a small percentage of the total revenue generated from each track that they own. This makes their purchase a potentially valuable investment, as well as a way to support their favorite artist.
After the album was released, Snoop Dogg said, “B.O.D.R. is especially important to me and I’m excited to have a full circle moment in my career at this time”. One can see that Snoop Dogg put a lot of effort and passion into making this NFT launch successful.