MBW Reacts is a collection of brief remark items from the MBW crew. They’re our ‘fast take’ reactions – by a music biz lens – to main leisure information tales.
Snoop Dogg has all the time been an early adopter.
Again in 2013, when Instagram had over a billion fewer customers than it does in the present day, and had lately come underneath new possession of Fb, Snoop Dogg launched Snoopify, a photograph sharing and enhancing app that lets customers add Snoop-inspired stickers to their pictures.
Talking on the time, Snoop Dogg famous: “Now that everybody is heavy on social media sharing pictures, I needed to create an app that might permit my followers so as to add enjoyable visuals to their pictures and Snoopify themselves.”
Many different subsequent investments underline Snoop Dogg’s astute skill to again the suitable horse, simply because it’s on the cusp of turning right into a unicorn.
One such funding was in Reddit.
In 2014, Snoop Dogg joined a $50 million funding spherical within the running a blog/discussion board platform, which valued the corporate at round $500 million.
As of August 2021, Reddit’s worth was $10 billion.
Snoop Dogg’s investments within the hashish enterprise have been equally sensible.
In 2015, the 12 months earlier than weed was authorised to be legalized for leisure use in California (in November 2016), Snoop Dogg co-founded Los Angeles-based Casa Verde Capital, a VC fund for the hashish trade, which has since gone on to spend money on a number of distinguished cannabis-focused corporations.
Casa Verde closed its debut fund at $45 million and its second funding fund closed on $100 million in December 2020.
Right this moment, Snoop Dogg has turned his consideration to the profitable world of NFTs.
His recently-announced plan to show Demise Row into an ‘NFT label‘ would have come as no shock to anybody following the rap legend’s NFT pursuits over the previous 12 months.
Certainly one of Snoop’s first NFT gross sales landed in April final 12 months, early on within the NFT growth, together with his “Journey of the Dogg” public sale seeing one collectable – a one-of-a-kind digital art work known as “Demise Row” – promoting for over $100,000.
By September, Snoop Dogg claimed that he had an alias; nameless NFT artwork collector known as Cozomo de’ Medici, who, on the time of the reveal, had a digital assortment price over $17 million.
Snoop then partnered with metaverse gaming platform The Sandbox to promote ‘The Snoopverse Early Entry Cross’, giving consumers entry to “the entire Snoopverse experiences earlier than anybody else”.
The Snoopverse is Snoop Dogg’s personal branded world inside The Sandbox, and there have been solely 5,000 early entry passes minted. Each prices $1,685.25, and in line with The Sandbox there are presently 1,012 house owners, which implies that the sale has generated over $1.7 million up to now.
After which Snoop hit the NFT jackpot: earlier this month, he bought over $44 million price of ‘Stash Field’ NFTs for his new album B.O.D.R in underneath per week, after releasing 10,000 of the restricted version NFTs through the Gala Music platform.
Snoop Dogg’s newest crypto-related launch arrived simply final week, once more through The Sandbox: a set of 10,000 programatically generated Snoop Dogg Avatar NFTs known as ‘the Doggies’.
The avatars grant their house owners entry to digital occasions and live shows, and lets them play video games, “hang around with buddies, and discover the metaverse like a boss”.
Certainly one of these ‘Doggies’ NFTs prices 150 SAND, the crypto foreign money used inside the Sandbox.
On the time of writing (10am PT on February 28), one ‘SAND’ is price the equal USD $3.07. So to purchase only one ‘Doggie’ at that 150 SAND price-tag would set you again $460.50.
For multiplication desk followers, that $460.50 price ticket implies that if Snoop Dogg and the Sandbox had been to promote each one of many 10,000 ‘Doggies’, the sale would generate over $4.6 million.
“The funding can be price it,” The Sandbox assures us in a media launch asserting Snoop’s sale.
Simply a few of Snoop Dogg’s different NFT tasks embrace a digital portrait bought through SuperRare, an NFT drop on Solana, and the ‘Masterminds of Hip-Hop’ unique NFT undertaking, with many others undoubtedly but to be introduced.
“We on the cusp of a digital revolution,” tweeted Snoop Dogg in December. “Get up n get it.”Music Enterprise Worldwide
