Newsletter #93
The music industry continues to explore NFTs. Here are three promising experiments that happened this week
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The music industry continues to explore NFTs. Here are three promising experiments that happened this week:
Def Jam Signs NFT band The Whales in Latest Major-Label Web3 Partnership
Billboard, the venerable music industry publication, reports that Def Jam has signed The Whales, an NFT band, whose “debut full-length album has an all-star cast of producers and songwriters attached.”
Interestingly, Def Jam is not the first to see the value of a band backed by a community-led NFT project. Billboard explains: “The virtual artist NFT playbook is becoming a trend among bigger record labels. The same concept was executed by 10:22PM — another Universal Music Group imprint — which licensed characters from the Bored Ape Yacht Club to create the animated band KINGSHIP. Warner Records’ Web3 subsidiary Probably a Label is also developing a virtual artist in collaboration with its 5,555 NFT holders through a voting system.”
Rihanna Producer Sells Royalties to Hit Song as NFTs
Decrypt reports that a portion of the royalties for Rihanna’s song “Bitch Better Have My Money” is now being redistributed to holders of 300 Ethereum NFTs. “Each [NFT] signifies ownership over 0.0033% royalty rights to the song, promises “lifetime” ownership of that portion of the copyright, and grants holders the percentage of streaming rights from the master recording,” the report explains.
Linkin Park’s New Music Video Is Directed by NFT Artist Pplpleasr
Another report from Decrypt signals the growing prominence of web3/NFT artists. A new music video from Linkin Park “has a Web3 connection: it’s directed by noted digital artist Emily “pplpleasr” Yang and Maciej Kuciara, co-founders of Web3 video platform Shibuya. […] And showcases Mirai, the protagonist of Shibuya’s NFT-driven anime web series, ‘White Rabbit.’” With NFT artists having greater and greater cultural impact, it is clear that NFTs are here to stay.
As the the music industry increasingly sees the value of NFTs, the relationship between fans and artists is reaching a new level.
This week’s poll: What is the most exciting use of NFTs by the music industry?
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