Universal Music Group is no stranger to the NFT community. In fact, the company was the first to sign an all NFT music group featuring Bored Apes and Mutant Apes known as Kingship. Now, the company’s looking to dive deeper into the metaverse.
According to a recent announcement, the company plans on making and selling NFTs. Here’s what’s happening:
Universal Music to Make and Sell NFTs
In an announcement, Universal said it signed a partnership with Curio, an NFT platform. The partnership surrounds the development of NFTs for its record labels and artists.
The company sees the deal as a major one that has the potential to generate a new, strong revenue stream by the world’s largest music company. Like most in this day and age, Universal depends heavily on streaming music for its financial survival.
In the announcement, Universal said it will work with Curio to develop digital art and other collectibles for the company and its artists. From there, the NFT platform will serve as an outlet, allowing fans to buy officially licensed NFTs.
The ability to purchase these NFTs will start in March.
However, Universal Music’s artists won’t be the only artists featured. In fact, the project includes a collaboration with Capital Music Group and the British singer-songwriter, Calum scott.
In a statement, Michael Nash, executive vice president of digital strategy at Universal Music Group said:
“We have an opportunity, with Web3, to have ownership on top of access.
“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.”
This Is Big News
As mentioned above, Universal Music is no stranger to NFTs after the launch of the supergroup, Kingship. Now, the company sees even more value in the metaverse, outlining the strong connection between Web3 and the music industry.
The Bottom Line
The bottom line here is simple. Universal Music is just one of many big names that have decided to dive into the Metaverse. As this trend continues, the digital world is growing rapidly, and the audiences following these big names will continue to dive in. All in all, this is great for the metaverse and enthusiasts.
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