Universal Music partners with NFT platform Curio to develop collectibles

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Universal Music Group has partnered with the NFT platform Curio to develop a collection for artists.

Universal Music Group has partnered with the NFT platform Curio to develop a non-fungible token (NFT) collection for record labels and artists, the two companies reported Thursday. Reuters.

The deal is a major move by the world’s largest music companies to potentially new sources of revenue and, like its rivals, relies heavily on music streaming for economic survival.

Universal Music said it plans to work with Curio to develop digital artwork and other collections for the company and its artists. Curio also acts as an online outlet for fans to purchase officially licensed NFTs in collaboration with Capitol Music Group and British singer-songwriter Calum Scott.

Michael Nash, executive vice president of digital strategy at Universal Music Group, said that NFT and Web3, the next-generation Internet built on blockchain technology, will be fans of labels and artists when they are streamed. He said he would offer the opportunity to create unique digital products for. Access to ubiquitous music.

“Using Web3 gives us the opportunity to take ownership in addition to access,” Nash told Reuters in an interview. NFT is a unique data file for music, art, etc.

“With all the innovations that are happening around Web3 and NFTs, we have the opportunity to make available all kinds of digital products that offer their ownership … and you force technical rarity. So we can appeal to collectors, “Nash said.

Universal is actively exploring ways to take advantage of the growing popularity of digital collections, forming Kingship, a music group consisting entirely of monkey characters from the NFT brand Bored Ape Yacht Club.

An animated ape, living as a unique item on the digital blockchain, has become a coveted prize for Hollywood celebrities and other collectors.

At Curio, Universal found an executive familiar with the business as co-founder and co-Chief Executive Officer Ben Arnon, who previously worked for Universal Music Group. Marc Geiger, one of Curio’s advisors, is a former music director of the William Morris Endeavor talent agency.

This partnership is a milestone for Curio, which was founded in 2020 and abolished the first NFT in February last year.

Since then, the company has collaborated with partners in the music, film and television industries to release over 75,000 digital collections.

The platform features NFTs inspired by Neil Gaiman American Gods TV Series and Universal Pictures 2010 Cult Classic Scott Pilgrim vs. the World.

Arnon said Reuters He has built an NFT marketplace for access by mainstream consumers, including those who have never used cryptocurrencies. ―――― Reuters

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