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For some of the best independent music from artists you need to know, click, listen and follow spoti.fi/3td3Xol. This week Ruby Camille. Know any Indie artists that need to make the list? Send them to me, if we dig ‘em, they take the number one spot.
This week, NFT Record Labels - Let’s go -
So last week we talked about Augmented Reality, and I’ll stay on this tech train for a little while. So in talking about NFT’s there’s some definitions we need to get to first. NFT stands for Non Fungible Token. What that means is it’s unique and can’t be replaced with anything else. A one-of-a-kind NFT song has a digital signature that makes it impossible to be exchanged for or equal to another one, thus it is non fungible. Money, however, is fungible because it can be traded for other money of equal value. NFT’s exist on Ethereum blockchain and are minted from digital objects that are both tangible and intangible like music, and art. A blockchain stores information electronically in digital format. Ok totally confused yet?
So how does the music business fit into all of this? And why is Snoop Dogg turning Death Row into an NFT Label? Well the easy answer is money!💰💰 According to Snoop “Death Row will be an NFT label, we will be putting out artists through the metaverse and a whole ‘nother chain of music,” and says he wants to be the first major label in the metaverse. Snoop is already making money in the metaverse as he just released an NFT collection with Gala Games on Feb. 9 for the launch of his new album, “Bacc on Death Row.” The “Stash Box” NFTs have already grossed more than $50 million in sales, with holders being given an NFT of one of the album’s songs. So what does that mean for the rest of us? There are companies already utilizing blockchain technology such as Digimarc, Vetz Inc., and Mediachain just to name a few.
The other reason to move to NFT’s is control. Control that content creators have never really felt dealing with traditional labels. The NFT will allow for guaranteed ownership. Musicians in the NFT world are able to get a certificate of ownership for a unique piece of music that can then be sold on to another outlet. Both BTS and Akon are releasing their own NFT projects. As for the fans Fans will be able to invest by purchasing shares of their favorite artist music, become digital token owners and receive a port of royalties every time the piece is streamed.
So truth is I am still learning about all of this myself, but the cool part is we can all learn and grow together on this one. Hit me up with any comments, questions, or concerns on this all new NFT game.
This week's #IAOTW - Independent Artists Of The Week is Ruby Camille - yes again lol. I really want you all to see her new video for the dynamic song that commemorates Women’s History Month called “Call Us Queens.” Just click on the link, like, subscribe and share it.
For more information on this or to hire Unda The Hat as your brand or label consultant send a message via undathehat.com. See you next Tuesday.