Universal Music Group has teamed up with Curio to create non-fungible token (NFT) collections for its record labels and artists.
The purchase represents a huge step by the world’s largest music corporation, which, like its competitors, relies primarily on streaming music for financial survival.
With Curio, Universal Music will create digital artwork and other artifacts for its artists. Starting in March, Curio will be an online store for fans to purchase legally licensed NFTs from Capitol Music Group and British singer-songwriter Calum Scott.
NFTs and Web3, the next generation of the internet built on blockchain technology, allowing labels and artists to develop unique digital products for fans at a time when streaming has made music ubiquitous.
“With Web3, we can have ownership over access,” Mr. Nash told Reuters. Unique data files (music, art, etc.)
“With all the innovation surrounding Web3 and NFTs, you can create all kinds of digital products that grant ownership… You may also appeal to collectors by creating artificial scarcity “Added Nash.
Get started with as little as $10.