Common Music companions with NFT platform Curio to develop collectibles

Common Music Group has struck a partnership with NFT platform Curio to develop non-fungible token (NFT) collections for its document labels and artists, the businesses mentioned on Thursday.

The deal is a serious transfer 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 an internet outlet the place followers should purchase formally licensed NFTs, beginning in March with a 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 technology 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’ve got a chance, with Web3, to have possession on high of entry,” Nash advised Reuters in an interview. NFTs are distinctive information information that may be music, artwork and extra.

“With all of the innovation taking place round Web3 and NFTs, you’ve obtained the chance to make every kind of digital merchandise out there that present that possession … And you’ve got technologically enforced shortage, so you possibly can attraction to collectors,” Nash mentioned.

Common 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 completely of simian characters from the NFT model Bored Ape Yacht Membership. The animated apes, which dwell as distinctive objects on the digital blockchain, have change into coveted prizes for Hollywood celebrities and different collectors.

In Curio, Common discovered an govt properly acquainted with its enterprise as co-founder and co-Chief Govt Officer Ben Arnon beforehand labored at Common Music Group. Certainly 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 Footage’ 2010 cult basic “Scott Pilgrim vs. The World.”

Arnon mentioned to Reuters he constructed its NFT market so it could be accessible to mainstream shoppers, together with those that have by no means used cryptocurrency.