Snoop Dogg has revealed how he was able to win big with non-fungible tokens (NFTs) alongside his son after the low payout he received from streaming on Spotify.
During an interview with the “Business Untitled” podcast, Snoop Dogg explains his initial hesitation when learning about the world of NFTS, especially when he was seeing many creators profiting off his likeness. His son Cordell Broadus helped to shift his mindset though, which proved to be beneficial.
“My son, he the one who spooned me and groomed me to this,” Snoop Dogg told “Business Untitled.” “In the beginning it was a bunch of motherf–kers just using my name, my face, and just doing all kind of sh-t…and he called me, he said, ‘Pops, it’s what you can’t do. You can’t be mad because if they using your face and your likeness, they love you. They just don’t know how they get in touch with you. So what you should do is reach out to them and say thanks or good looking out, or do you want to collaborate?'”
He added, “So it was like my son who had to adjust my attitude on this ain’t a money grab, this is a relationship, and I think that’s why we won.”
The Death Row Records owner also explained how he assisted artists in the NFT space in achieving substantial gains, surpassing earnings from platforms such as Apple and Spotify by drawing from his own experience with the platform. He claimed that he received a check that was less than $45,000 after reaching a billion streams on Spotify.
“Let me tell you the thing that worked with me, it was simple, it was transparency,” Snoop Dogg said on the podcast. “That’s what the music industry and the film industry doesn’t have, so this was a way to show transparency. Give me a song… I’m taking 60% ’cause I’m putting it out for you, you getting 40%. That may sound like a lot, but you just made $100,000.”
He continued, “In the streaming world, I can show you right now. They just sent me some sh-t from Spotify, where I got a billion streams, right? My publisher hit me. I said, ‘Break that down, how much money is that?’ That sh-t wasn’t even $45,000… You see what I’m saying? So it’s like…when this sh-t came out, I could tell an artist that same song that you put out traditionally that didn’t make no money, give it to me. Every time you sell it if somebody else sells it you get 10% of it.”