In a partnership announced on Thursday, Universal Music Group and NFT platform Curio will create non-fungible token (NFT) collections. The purpose of this was to create for record labels and artists. This is an important step for the world’s largest music company. And this, like its competitors, depends heavily on streaming music for its financial survival.
Curio will help Universal Music and its artists create digital artwork and other collectibles. Curio will also provide an online storefront for fans to purchase licensed NFTs. Which will be launching in March with a collaboration between Capitol Music Group and British singer-songwriter Calum Scott.
In an era when streaming has made access to music ubiquitous, Universal Music Group’s executive vice president of digital strategy has said NFTs and Web3, the next generation of the internet based on blockchain technology, offer labels and artists a chance to produce unique digital products for their fans.
“Web3 gives us an opportunity to have ownership in addition to access,” Nash said in an interview with Reuters. There are many different types of NFTs, from music and art to business and finance.
“Web3 and NFTs are changing the way digital products are being developed. With these changes, you can create all kinds of new digital products that give you ownership … And you can create technologically enforced scarcity, which appeals to collectors,” Nash said.
Universal Music, a pioneer in music NFTs
Universal Music is actively exploring how the growing popularity of digital collectibles on which they can capitalize. This has included forming a music group, Kingship, made up entirely of characters from the NFT brand Bored Ape Yacht Club. But the animated apes, which live as unique items on the digital blockchain, have become coveted prizes for Hollywood celebrities and other collectors. Ben Arnon, co-Founder, and co-CEO of Curio, had previously worked for Universal Music Group. As such, he had familiarity with the business of Universal. Curio’s advisor Marc Geiger was the head of music at William Morris Endeavor.
In partnership with Curio, which was founded in 2020 and dropped its first NFT last February, a milestone has been marked. After working with music, film, and television industry partners, the company produced more than 75,000 digital collectibles. Neil Gaiman’s “American Gods” television series and Universal Pictures’ cult classic “Scott Pilgrim vs. The World” are among the platform’s NFTs. Reuters reported that Aaron built the NFT marketplace to appeal to both mainstream consumers and people who have never used cryptocurrencies.