Universal Music Group has partnered with Curio to create and market NFTs based on their record labels and artists.
What happened now? Big Music aims to make big money with a booming trend. Universal Music Group (UMG) has announced a partnership with leading non-fungible token (NFT) platform Curio to develop officially licensed NFTs based on UMG record label and artist content.
Curio launched in 2020 and released its first NFTs in February 2021. The service allows users to create, mint, sell and sell NFTs. To date, Curio has released over 75,000 NFTs in collaboration with leading music, film and television brands. Company co-founder and co-founder Ben Arnon previously worked at UMG.
NFTs have been around since mid-2014 but didn’t enter the mainstream lexicon until around 2020. In short, they use the blockchain to prove ownership, validity, and scarcity of digital assets. NFTs have not resonated with many gamers and tech enthusiasts, but there have been exceptions.
Music lovers, digital art enthusiasts, and those involved in cryptography have proven to be much more receptive.
In its NFT market report from the end of last year, Chainalysis found that consumers spent nearly $27 billion on NFTs in 2021 alone. Some even spend huge amounts of money on individual purchases, such as a boat for the metaverse or cartoon pictures of monkeys.
UMG and Curio are already working on the first wave of projects, which is said to include one from Capitol Music Group artist Calum Scott due out sometime in March. As we have been told, more information will be provided in the coming weeks.
Image credit Elvis Railis Bitans