Loud Crypto Records Says Fans Should Decide who Gets a Record Deal

HHW Staff
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Sam Kovacs

A short phone call with the project’s founder, Sam Kovacs (@dollardollarsam) shed light on how the “web 3.0 label” will achieve this.

First you need to wrap your head around the concept of a decentralized rap label. What does that even mean?

According to Sam Kovacs, rather than having a corporation with shareholders own the label, many individual community members who are stakeholders get to decide on how the label operates.

“It’s a novel economic model, which makes perfect sense for the music industry”. Sam believes that by moving from a shareholder-based model to a community-based model, the music industry can produce better music, all while empowering artists to make more money.

“Today, musicians get 12% of what the industry makes. It’s literally the only industry where those who create the most value, get the smallest cut of the pie”. Sam believes that rap artists should have an alternative between going independent and “signing a predatory record deal”.

He believes that “the power of the crowd” would be better at spotting and picking talent than an isolated industry expert would be.

“We see it in all walks of life, when it comes to predictions, the power of the crowd trumps individual experts. Whether it has been in the stock market or political events, the crowd is more accurate. Why wouldn’t it be the same with Hip-Hop?”

The secret sauce behind the project, is the launch of the Loud Crypto Records NFT, which acts as a
membership pass to the community.

In between April and May 2022, the project will release a collection of 4,500 NFTs which pay homage to 45 of Hip-Hop’s greats, and will provide the funds the label needs to sign upcoming rap artists.

To pick the winner of the competition plan on hosting a competition in which 16 rappers, picked by the community, will face off in a knock-out style tournament.

The winner of the tournament will get a guaranteed record deal with Loud Crypto Records, including
$250,000 to produce their first album.

Sam says the artist the label signs will “get as much money as with a major, will keep a bigger cut of the royalties, and get access to all the Web 3.0 music opportunities”.

Runner ups will win the chance to be included on Loud Crypto Records “Non Fungible Tapes Volume 1”, an exclusive mixtape that will be hosted by a high profile rap star and released as a limited collection of NFTs.

Sam Kovacs declined to mention who was hosting due to confidentiality issues.

Artists who want a shot at taking part in the Loud Crypto Playoffs can do so by joining the project’s
Discord server and signaling their interest.

With Snoop Dogg announcing that Death Row Records would be an “NFT label”, it is evident that
block chain technology and NFTs will play an ever-growing role in the music industry.

To follow Loud Crypto Records journey, you can follow them on Twitter, join the Discord server, or
check out their website loudcrypto.io.

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