Universal Music aims to make money in the metaverse with NFTs of its artists

Common Music, whose roster consists of musicians like Ariana Grande, plans to work with Curio to develop digital art work and different collectibles for the corporate and its artists.
Getty Pictures for iHeartMedia

Common Music Group has struck a partnership with NFT platform Curio to develop non-fungible token (NFT) collections for its file labels and artists, the businesses mentioned on Thursday.

The deal is a serious transfer right into a probably new income stream by the world’s largest music firm, which, like its rivals, relies upon closely on streaming music for its monetary survival.

Common Music mentioned it plans to work with Curio to develop digital art work and different collectibles for the corporate and its artists. Curio additionally will function a web-based outlet the place followers should purchase formally licensed NFTs, beginning in March with collaboration from Capitol Music Group and the British singer-songwriter Calum Scott.

Michael Nash, Common Music Group’s government vice chairman of digital technique, mentioned NFTs and Web3, the approaching technology of the web constructed on blockchain know-how, current a possibility for labels and artists to create distinctive digital merchandise for followers at a time when streaming has made entry to music ubiquitous.

“We've a possibility, with Web3, to have possession on high of entry,” Nash informed Reuters in an interview. NFTs are distinctive knowledge information that may be music, artwork and extra.

“With all of the innovation occurring round Web3 and NFTs, you’ve acquired the chance to make all types of digital merchandise out there that present that possession … And you've got technologically enforced shortage, so you possibly can attraction to collectors,” Nash mentioned.

Common Music Group says NFTs of its artists, who embrace Okay-pop supergroup BTS, current a possibility for labels and artists to create distinctive digital merchandise for followers.

Getty Pictures for The Recording Academy

Common has been actively exploring methods to capitalize on the rising reputation of digital collectibles, going as far as to kind a music group, Kingship, made up fully of simian characters from the NFT model Bored Ape Yacht Membership. The animated apes, which reside as distinctive gadgets on the digital blockchain, have grow to be coveted prizes for Hollywood celebrities and different collectors.

In Curio, Common discovered an government nicely acquainted with its enterprise as co-founder and co-Chief Govt Officer Ben Arnon beforehand labored at Common Music Group. One in every of Curio’s advisors, Marc Geiger, is the previous head of music at William Morris Endeavor expertise company.

The partnership represents a milestone for Curio, which was based in 2020 and dropped its first NFT final February. The corporate has subsequently launched greater than 75,000 digital collectibles working with music, movies and tv trade companions.

Common already has been making strikes within the metaverse, going as far as to kind a music group, Kingship, made up fully of simian characters from the NFT model Bored Ape Yacht Membership, seen above.

Getty Pictures

The platform options NFTs impressed by Neil Gaiman’s “American Gods” tv sequence and Common Footage’ 2010 cult traditional “Scott Pilgrim vs. The World.”

Arnon informed Reuters he constructed its NFT market so it will be accessible to mainstream shoppers, together with those that have by no means used cryptocurrency.