I'm in the underground show in New York City
Dem Passwords art gallery

from Lil B – Hipster Girls Lyrics on Rap Genius

Meaning

Based God seems to be referring to the Dem Passwords art gallery in Los Angeles

One could also read this as a riff on V.I.P. parties that require passwords for entry (nowadays underground shows are promoted on the Internet and passwords are traded liberally over Twitter and the like, making them pretty much obsolete, hence the joke)

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