Universal Music Group partners with NFT platform Curio to develop NFT collections
Universal Music Group has partnered with NFT platform Curio to develop a non-fungible token (NFT) collection for its record labels and artists, the companies said Thursday.
The deal is a major step in a potentially new revenue stream by the world’s largest music company, which, like its rivals, relies heavily on streaming music for its financial survival.
Universal Music said it plans to work with Curio to develop digital artwork and other collectibles for the company and its artists. Curio will also serve as an online outlet where fans can purchase officially licensed NFTs, starting in March in collaboration with Capital Music Group and British singer-songwriter Callum Scott.
Michael Nash, Universal Music Group’s executive vice president of digital strategy, said that NFT and Web3, the coming generation of the Internet built on blockchain technology, present an opportunity for labels and artists to create unique digital products for fans at a time when Streaming gave access to ubiquitous music.
“We have an opportunity, with Web3, to keep ownership on top of reach,” Mr Nash told Reuters in an interview. NFTs are unique data files that can be music, art, and more.
“With all the innovation happening around Web3 and NFTs, you have the opportunity to have all kinds of digital products that offer that ownership… can,” said Mr. Nash.
Universal is actively exploring ways to capitalize on the growing popularity of digital collectibles, even going so far as to form a music conglomerate, Kingship, which will be entirely under the NXT brand Bored Ape Yacht Club. Composed of simian characters. Animated apes, which live as unique objects on a digital blockchain, have become coveted prizes for Hollywood celebrities and other collectors.
At Curio, Universal found an executive well acquainted with its business, as co-founder and co-CEO Ben Aron had previously worked at Universal Music Group. One of Curio’s mentors, Mark Geiger, is the former head of music at William Morris Endeavor Talent Agency.
The partnership represents a milestone for Curio, which was founded in 2020 and dropped its first NFTs last February. The company has since released more than 75,000 digital collectibles, working with music, films and television industry partners.
The platform features NFTs inspired by Neil Gaiman’s “American Gods” television series and Universal Pictures’ 2010 cult classic “Scott Pilgrim Vs.
Mr Arnon told Reuters that he has built his NFT marketplace so that it is accessible to mainstream consumers, including those who have never used a cryptocurrency.
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