When Music Crashes the Metaverse Party! 🎵💥🎶
Part One is all about What We Know in our two-part trend report.
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ICYMI in the last 10 weeks we covered:
THIS WEEK’S DOPE NEW STARTUP IDEA COVERS:
* Music + Metaverse 🎵💥🎶
WHAT WE KNOW:
* The Market Indicators & Behavioral Consumer Trends we've identified.
>> [ Nas jumps on the NFT music royalty train! ]
- thanks scott!
Famed American rapper and songwriter, Nas, is selling partial rights to two of his songs via Royal, an investment platform that allows anyone to own a piece of their favorite music to earn royalties alongside the artist.
“Having Nas be the first artist to sell royalty rights through Royal is an incredible affirmation of our mission,” said Royal CEO and co-founder Justin Blau (3LAU). “It’s proof that artists across genres feel strongly about democratizing ownership of their music, and that they want to be connected to their listeners on a deeper level,” he added.
The first sale starts on January 11, where users can invest in Nas’ music by buying LDAs, or “limited digital assets”, backed by streaming royalty rights. A representative for Royal told Decrypt that LDAs are Royal's "extended standard of an NFT"—essentially a Polygon-based NFT with additional functionality, in this case, streaming rights.
>> [ RiRi, Migos, Bieber, and more… get fitted with avatars! ]
- thanks kris!
Universal Music Group is hitching its wagon more firmly to the metaverse hype train. The record company teamed up with avatar company Genies to create digital versions of its artists, as well as non-fungible token (NFT) outfits and accessories, for use in virtual worlds.
The idea is to give Universal's artists official virtual identities for the metaverse.
Some of the roster, including Justin Bieber and Shawn Mendes, had already asked Genies to make avatars of them. Now, the plan is for Rihanna, Migos et al to be able to take those facsimiles into various metaverses, or use the avatars across social platforms. In the coming months, through an NFT marketplace run by Genies, fans will be able to buy and sell virtual merchandise for the avatars.
>> [ Bored Ape Yacht Club forms the first-ever metaverse band! ]
- thanks UMG!
10:22PM, a next-gen Web3 label that discovers and develops artists, intellectual property, brands and digital creators, today announced the formation of KINGSHIP, a group consisting of four characters from the Bored Ape Yacht Club, one of the most successful non-fungible token (NFT) projects of all time.
KINGSHIP was formed by 10:22PM founder Celine Joshua, who engineered the landmark, first-ever exclusive agreement to create a metaverse group.
With KINGSHIP, 10:22PM will guide the group in developing and releasing new music, NFTs, community-based products, activations and experiences in the metaverse, and kick off a new generation of artist, fan and community engagement. Bored Ape and Mutant owners will additionally have early access to all KINGSHIP NFTs, experiences and narrative selection.
>> [ artists take aim at music streaming services! ]
- thanks ekin!
Music streaming services have over 400 million subscribers worldwide between them, and raked in over $13 billion in revenue last year.
Audius differs from other music streaming services because it’s blockchain-based, which shapes how the whole thing works. Artists can upload their tracks at no cost and users can listen to them for free while everyone earns (crypto) money.
There are just over 100,000 artists on Audius, including relatively well-known names like Skrillex, Weezer, deadmau5, Russ, Mike Shinoda, Diplo, Madeintyo, Odesza, Disclosure, Alina Baraz, and Wuki.
It's owned and run by an open-source community of artists, fans, and developers, and has its own crypto token, AUDIO.
>> [ invest-to-earn music royalties just got easy! ]
- thanks jeff!
Launched this summer by Justin Blau—better known by his stage name DJ 3lau—Royal helps artists create and sell NFTs, but also offers a new business model where fans can invest in an artist's work and receive royalties in return.
On Monday, Royal announced that it has raised $55 million, which comes on top of the $16 million seed round it pulled in August.
Royal's investors include familiar names from blockchain finance, including Andreessen Horowitz, Coinbase Ventures, and Paradigm. But the new round also includes some celebrity cachet as musicians The Chainsmokers, Nas, and Logic & Kygo chose to back the project too.
THE DOPE IDEA & THE BRAND EXECUTION:
* Taking the idea and amplifying that into tactical action.
See you next week for Part Two in our report.
We’ll discuss on how to position ourselves as a new player in the Music + Metaverse 🎵💥🎶 space — and get into the development of the Brand IP, securing a legit Domain Name, then making it Internet LIVE.