Universal Music will develop collectible NFTs in agreement with the Curio platform.
Universal Music said it plans to work with Curio to develop digital artwork and other collectibles for the company and its artists.
(Reuters) Universal Music has partnered with NFT platform Curio to develop collections of non-fungible tokens (NFTs) for its record labels and artists, the companies said Thursday.
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 sales point where fans can purchase officially licensed NFTs, starting in March with a collaboration between Capitol Music Group and British singer-songwriter Calum Scott.
Michael Nash, executive vice president of digital strategy at Universal Music, said that NFTs and Web3, the next generation of the internet based on blockchain technology, present an opportunity for record labels and artists to create exclusive digital products for fans at a time when streaming has made access to music ubiquitous.
"With all the innovation happening around Web3 and NFTs, you have the opportunity to make available all kinds of digital products that provide that property... And you have technologically imposed scarcity to attract collectors," said Nash.
At Curio, Universal found an executive very familiar with its business as co-founder and co-CEO, Ben Arnon, who previously worked at Universal Music. One of Curio's advisors, Marc Geiger, is the former head of music at the talent agency William Morris Endeavor.
The partnership represents a milestone for Curio, which was founded in 2020 and launched its first NFT last February. The company has subsequently released over 75.000 digital collectibles working with partners in the music, film, and television industries.
The platform features NFTs inspired by Neil Gaiman's television series "American Gods" and Universal Pictures' 2010 cult classic "Scott Pilgrim vs. the World".
Arnon told Reuters that he built his NFT marketplace to be accessible to mainstream consumers, including those who have never used cryptocurrencies.
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