One of the biggest music corporations, Universal Music Group (UMG) has struck a deal with NFT platform Curio to enter into a partnership in developing non-fungible token (NFT) collections for its record labels, as announced by the companies on Thursday. With this, Curio will become a “dedicated global outlet for future officially licensed NFT projects” for the company’s labels and recording artists worldwide.
According to the company’s announcement, “UMG will be able to leverage Curio’s groundbreaking technology, exclusive partnerships, and innovative fan engagement networks, to create and launch future NFT projects from its unrivalled roster of global artists and labels, providing greater scalability and flexibility to issue authentic fan-orientated collectables, carefully curated for each project.”
UMG’s executive further elaborates, “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 favourite artists and labels,” a UMG executive added.
From its inception in 1934, Universal Music Group has been leading the music scene in the world. In 1996, UMG branched out from its parent company, which became known as Universal Studios, Inc., and it’s the music division of what we know today as Universal Music Group. Today, UMG hosts a star-studded line of artists like Taylor Swift, Coldplay, Jay-ZAdele, Sting, BTS, Kanye West (Ye), Lady Gaga, Rihanna, ABBA, among others. In addition, this deal marks the entry of the record label company into the NFT market as an adequate revenue means. UMG adds to the list of the many firms that have harnessed the NFT technology, like Coca-Cola, Adidas, Rolling Stones, Nike, Taco Bell, Coachella, NBA, and Budweiser.
Curio, known for offering customers digital collectables from “television shows, graphic novels, movies, and more,” will operate as “a dedicated global outlet” for UMG’s NFTs. Addressing the latest deal struck by his company, Curio’s co-founder Ben Arnon said the firm looks forward to working with UMG “in the NFT and Web3 space. UMG has a huge catalogue with unlimited opportunities to deliver value to fans across the globe. Their brands and labels are historic and iconic. And the digital innovation and Web3 expertise amongst their executives is unparalleled.”