By
Chimamanda U. Martha
April 22nd, 2024
With this new project, UMG seeks to bring NFTs for its record labels, recording artists, and operating companies.
Entertainment industry giant Universal Music Group (UMG) is now making a move into the world of NFTs. As per the latest data, Universal Music Group (UMG) has joined hands with curio, an NFT platform dedicated to entertainment projects.
NFT Projects Planned by UMG
As a result, UMG will be launching its NFT projects from its record labels, recording artists, and operating companies. Furthermore, a statement from the company notes that this collaboration will allow UMG to build its own NFT projects with its roaster of labels or artists offering greater “scalability and flexibility to issue authentic fan-oriented collectibles, carefully curated for each project”.
On the other hand, Curio will work as a dedicated global outlet to launch UMG’s NFT projects. This makes UMG the first music company to collaborate with Curio. Also, Curio will serve as a one-stop platform to create, mint, market and conduct the sale of premium NFTs. In a statement, Michael Nash, Universal Music Group’s Executive Vice President, Digital Strategy said:
“UMG and our labels are focused on developing NFT projects that authentically engage and speak to our artists’ fanbases and new audiences. With Curio, our labels will have a secure and dedicated platform to host these premium projects and provide new opportunities for collectors and fans from around the world to acquire unique pieces, inspired by their favorite artists and labels. UMG is focused on developing new opportunities in this space that place our artists and labels at the forefront, working to ensure that the evolution of Web3 provides exciting new avenues for their creativity.”
UMG’s Experiments with Digital Collectibles
The Universal Music Group (UMG) has been experimenting with digital collectibles for a while. In its attempt to capitalize the world of NFTs, UMG has formed a music group featuring simian characters from the NFT brand Bored Ape Yacht Club.
These blockchain-based animated apes and unique NFTs have become coveted prizes for Hollywood celebrities as well as other collectors. The interesting thing is that Curio co-Chief Executive Officer Ben Arnon has previously worked at Universal Music Group (UMG). Speaking of this recent development, Aron said:
“Curio is thrilled to be partnered with UMG in the NFT and Web3 space. UMG has a huge catalog with unlimited opportunity to deliver value to fans across the globe. And the digital innovation and Web3 expertise amongst their executives is unparalleled.”
UMG and Curio are working to release their first NFT project in March from Capitol Music Group artist Calum Scott.