By Dawn Chmielewski
(Reuters) – Universal Music has partnered with platform NFT Curio to develop collections of non-fungible tokens (NFT) for its labels and artists, the companies said on 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 point of sale where fans can purchase officially licensed NFTs, starting in March with a collaboration of Capitol Music Group and British singer-songwriter Calum Scott.
Michael Nash, Executive Vice President of Digital Strategy at Universal Music, said NFTs and Web3, the next generation of the internet based on blockchain technology, present an opportunity for record labels and artists to create unique digital products for fans at a time when that 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 enforced scarcity, to attract collectors,” said Nash.
At Curio, Universal found an executive well acquainted with its business as co-founder and co-CEO, Ben Arnon, who previously worked at Universal Music. One of Curio’s advisers, Marc Geiger, is the former head of music at talent agency William Morris Endeavor.
The partnership marks 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 industry.
The platform features NFTs inspired by Neil Gaiman’s “American Gods” television series and Universal Pictures’ 2010 cult classic “Scott Pilgrim Against the World.”
Arnon told Reuters he built his NFT marketplace to be accessible to mainstream consumers, including those who have never used cryptocurrencies.
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