Is Snoop Dogg getting rich off NFTs? The public stats from his recently-launched ‘stash box’ project with Gala Games offer some clues, if not a definitive verdict.
We reported on the launch last week: 25,000 ‘Snoop Stash Boxes’ being sold for $5k apiece, with each containing one of his new album’s 17 tracks. At the time of writing, 8,934 of the NFTs have been sold according to the on-sale page. In theory that’s around $44.7m of revenue.
Let’s put that into context using the figures provided by major labels at last year’s UK music streaming economics inquiry: that for master recordings “a million streams is worth four to five thousand pounds in revenue” to the label. Taking the midpoint (£4.5k) and converting it to dollars ($6.1k), those NFT sales are equivalent in value to… 7.3bn streams? It’s a mind-boggling figure, albeit one based purely on the figure published by the company selling these NFTs, with gaps in our knowledge about who is buying them.
Still, no wonder Snoop, fresh from acquiring Death Row Records, is promising that it “will be an NFT label” under his ownership…
Get A Free Music Ally Account
Access unlimited News articles on the site, PLUS a trial of Music Ally’s subscriber-only services, including our industry-leading daily Bulletin email.