Snoop's NFT Revenue Triumph

Raoul Pal shares how NFTs are changing the economics for musicians, using Snoop Dogg as an example.

"There is no way on earth Snoop Dogg would have been able to sell something in small numbers and make $50 million in the traditional system. He's just not that big a star because record labels take 80% of all the economics of selling music through middlemen.

To make $50 million, he'd have to sell a huge sum of records or go on tour. That's a big exhausting tour - and he's no spring chicken anymore. The music industry economics got destroyed by middlemen and made artists have to work harder and take more risk with capital. They have to go on massive tours, rent arenas, and take these trucks.

NFTs and social tokens change all of that dynamic. Musicians can now sell directly and have a direct relationship with their fans. It's literally a game changer."