Universal Music To Develop Collectible NFTs In Pact With Curio Platform

Universal 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 stated 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.Universal Music stated 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 a collaboration from Capitol Music Group and the British singer-songwriter Calum Scott.  Michael Nash, Universal Music Group's government vice chairman of digital technique, stated NFTs and Web3, the approaching era of the web constructed on blockchain know-how, current a chance for labels and artists to create distinctive digital merchandise for followers at a time when streaming has made entry to music ubiquitous."We have an opportunity, with Web3, to have ownership on top of access," Mr Nash instructed Reuters in an interview. NFTs are distinctive knowledge information that may be music, artwork and more."With all the innovation happening around Web3 and NFTs, you've got the opportunity to make all kinds of digital products available that provide that ownership ... And you have technologically enforced scarcity, so you can appeal to collectors," Mr Nash stated.Universal has been actively exploring methods to capitalize on the rising recognition of digital collectibles, going as far as to type a music group, Kingship, made up solely of simian characters from the NFT model Bored Ape Yacht Club. The animated apes, which stay as distinctive gadgets on the digital blockchain, have turn out to be coveted prizes for Hollywood celebrities and different collectors.In Curio, Universal discovered an government properly acquainted with its enterprise as co-founder and co-Chief Executive Officer Ben Arnon beforehand labored at Universal Music Group. 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 firm 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 series and Universal Pictures' 2010 cult basic "Scott Pilgrim vs. The World."Mr Arnon stated to Reuters he constructed its NFT market so it might be accessible to mainstream shoppers, together with those that have by no means used cryptocurrency.