Common Music Group has struck a partnership with NFT platform Curio to develop non-fungible token (NFT) collections for its report labels and artists, the businesses mentioned on Thursday.
The deal is a major move right into a doubtlessly 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 buy 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 govt vice chairman of digital technique, mentioned NFTs and Web3, the approaching era 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 have now a possibility, with Web3, to have possession on high of entry,” Nash instructed Reuters in an interview. NFTs are unique data files that may be music, artwork and extra.
“With all of the innovation occurring round Web3 and NFTs, you’ve bought the chance to make every kind of digital merchandise accessible that present that possession … And you’ve got technologically enforced shortage, so you may attraction to collectors,” Nash mentioned.
Common has been actively exploring methods to capitalize on the growing popularity 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 stay as distinctive objects on the digital blockchain, have develop into coveted prizes for Hollywood celebrities and different collectors.
In Curio, Common discovered an govt effectively acquainted with its enterprise as co-founder and co-Chief Govt Officer Ben Arnon beforehand labored at Common Music Group. Considered one 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.
The platform options NFTs impressed by Neil Gaiman’s “American Gods” tv collection and Common Photos’ 2010 cult basic “Scott Pilgrim vs. The World.”
Arnon instructed Reuters he constructed its NFT market so it could be accessible to mainstream customers, together with those that have by no means used cryptocurrency.