Russell Simmons, the Def-Jam co-founder, has teamed up with Snoop Dogg to create an NFT collection of animated art and audio of hip-hop legends.
The NFT collection was created in order to pay tribute to those in the hip-hop scene who were the originators of the movement, as well as giving compensation to artists who Simmons believes may not have received the recognition they deserved in their time.
i'm making it my biz to try and get credit and compensation to these amazing innovators the rap you hear is from 1976. before rap records existed. one could argue that without this man,(hollywood) rap recordings might not have ever been a reality.
— Russell Simmons (@UncleRUSH) September 28, 2021
The ‘Masterminds of Hip Hop’ collection, which was announced in August, will be available to buy on Paybby and NFT marketplace Tokau from October 10. Fans will be able to purchase the NFTs with debit and credit cards on the Paybby website.
This isn’t Snoop Dogg’s first venture into NFTs. The rap legend has his own virtual private mansion on mobile game The Sandbox where users can access exclusive NFTs.
Musicians and NFTs
More musicians are becoming involved in NFTs and, like Simmons said on Twitter, many artists in the past and present haven’t received the compensation and recognition they may have deserved.
In May, 150 musicians – including Sir Paul McCartney – called for legislation to better financially protect musicians in an era where online streaming doesn’t provide the same income for artists that CDs once did.
Mike Shinoda, c0-founder of Linkin Park, is just one artist who’s spoken on the hardships artists face in the streaming era.
Here’s the crazy thing. Even if I upload the full version of the contained song to DSPs worldwide (which I can still do), i would never get even close to $10k, after fees by DSPs, label, marketing, etc.
— Mike Shinoda (@mikeshinoda) February 6, 2021
Simmons added in an interview with HipHopDX that it’s a responsibility to help the ones who paved the way for a generation.
“Some don’t even have bank accounts and we wouldn’t even be here without them,” Simmons said.
“We’re standing on the shoulders of people who are struggling in many cases. This is why I wanted to do it.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.