Why hip hop stars love crypto

Fifty years since Kool Herc’s legendary DJ set at his sister’s party in the Bronx kickstarted hip hop, the world has changed dramatically.

Back in the day, labels and radio were the gatekeepers for which artists would break — today, anyone with talent and a cell phone can record music, grow a fanbase, and build a sustainable career from their bedroom.

A recreation of the original flier promoting hip hop’s first-ever event.

With all the attention crypto and NFTs received during the 2017 and 2021 bull runs, it’s no surprise that numerous rappers have dipped their toes in the space, with some seeing spectacular success: Snoop Dogg, Logic, Nas, Ghostface Killah and Eminem, among them. 

The two movements share a lot in common — from anti-establishment roots and entrepreneurial spirits to pushing the envelope with technological innovation.

But given the massive success rap music has seen on the global stage, does hip hop really even need blockchain and crypto? Is it just another way to make money, or is there something deeper drawing so many rappers into Web3?

Rappers and their love for crypto

In November 2020, rapper Logic revealed he had aped $6 million into Bitcoin, perhaps the largest publicly known purchase by an emcee. In June 2022, the Grammy-winning “1-800-273-8255” rapper doubled down, telling radio personality Big Boy, “The market’s down, but […] I’m like three to five years in my head. Don’t even look at it.”

(Logic)

He’s not the only one. The most legendary and committed rapper is likely Snoop Dogg, who is seen by many as an ambassador for Web3. He has experimented with NFTs and token-gated fan experiences, once considered transforming Death Row Records into a metaverse label, and co-founded a Web3 livestreaming platform.

Snoop told Vanity Fair in 2021 that NFTs offer “a direct connection to my fans and my community. Unlike when you buy one of my records, or download a song of mine, I can’t connect with you. You dig? With NFTs, I can. […] There is no platform or middleman filtering my message anymore.”

In 2022,…

..

Source

Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *

Discover more from Investor News Blog Finance Exchange News

Subscribe now to keep reading and get access to the full archive.

Continue reading