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Universal Music is trying to Monetize its Artist’s NFTs in the Metaverse

Universal Music Group has teamed up with the NFT Curio platform to develop unmistakable token (NFT) collections for its record companies and their artists

The agreement is a significant step towards a potential new revenue stream for the world’s largest music company, which, like its financial security, relies heavily on music streaming.

Universal Music said it plans to partner with Curio to create digital artwork and other collectibles for the company and its artists. Curio will also serve as an online store where fans can purchase an officially licensed NFT, starting in March in collaboration with Capitol Music Group and British singer-songwriter Calum Scott.

Michael Nash, executive vice president of digital strategy at Universal Music Group, said NFT and Web3, a new generation of internet-based blockchain technology, represent an opportunity for publishers and artists to create unique digital products for fans right now that the stream has been made access to music is everywhere. “With Web3, we have the opportunity to take ownership of the approach,” Nash told Reuters. NFTs are unique databases that can contain music, art, and more.

“With all the innovations going on around Web3 and NFT, there has always been an opportunity to use all kinds of digital products that give ownership … And you have technology that hasn’t been implemented so you can ask collectors,” Nash said.

Universal is actively exploring ways to take advantage of the growing popularity of digital collectibles, leading to the creation of the band Kingship, composed of Simian characters from the NFT Bored Ape Yacht Club. Animated monkeys, living as unique objects on a digital blockchain, have become sought-after awards for Hollywood celebrities and other collectors.

The partnership marks a milestone for Curio, which was founded in 2020 and its first NFT fell in February. The company later released more than 75,000 digital collectibles that work with partners in the music, film, and television sectors. Universal worked in the meta-version to the point that he formed the band Kingship, composed exclusively of monkey characters from the NFT Bored Ape Yacht Club.

The platform inspired the NFT through the television series “American Gods” by Neil Gaiman and the cult classic Universal Pictures from 2010 by “Scott Pilgrim vs. The World ”.

Arnon told Reuters he had built the NFT market to be accessible to key consumers, including those who had not yet used the cryptocurrency.

New York Post

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Written by Anthony Clark

Anthony Clark, is an entrepreneur, writer and social-media manager. Driven by his passion for finance, business, & technology, he takes pride in providing the best growth hacks possible. His skills include website development, ad campaigns and client acquisition.

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