By Dawn Chmielewski

(Reuters). – Universal Music Group has partnered up with Curio NFT platform to produce non-fungible tokens (NFT) collections that will be used by its record labels, artists. The companies announced this partnership on Thursday.

This deal represents a significant move by the largest music company in the world into new revenue streams. It is dependent, as its competitors, heavily on streaming music to ensure its financial viability.

Universal Music announced that Curio will be developing digital artwork for it and its artists. Curio is also an online store where licensed NFTs will be available for purchase. This collaboration began in March between Capitol Music Group, and Calum Scott (british singer-songwriter).  

   Michael Nash, Universal Music Group’s executive vice president of digital strategy, said NFTs and Web3, the coming generation of the internet built on blockchain technology, present an opportunity for labels and artists to create unique digital products for fans at a time when streaming has made access to music ubiquitous.

In an interview with Reuters, Nash stated that Web3 offers the opportunity to own Web3 and have access. These unique data files can contain music, art, and many other things.

“With all the innovation happening around Web3 and NFTs, you’ve got the opportunity to make all kinds of digital products available that provide that ownership … And you have technologically enforced scarcity, so you can appeal to collectors,” Nash said.

Universal is actively looking at ways to profit from digital collectibles’ growing popularity. They even created a new music group called Kingship out of all simian characters of the NFT brand Bored Ape Yacht Club. Hollywood celebs and other collectors have coveted the animated apes as valuable prizes.

Universal has found a co-founder, and co-Chief executive officer Ben Arnon who was previously with Universal Music Group. Marc Geiger (Curio’s advisor) is the former head for music at William Morris Endeavor, a talent agency.

Curio was established in 2020, and its first NFT dropped last February. This partnership is a significant milestone. Since then, Curio has released 75,000 digital collectibles that are based on music, movies and TV industry partners.

NFTs are inspired by Neil Gaiman’s TV series, American Gods. Universal Pictures’ 2010 hit cult classic Scott Pilgrim. The World.

Arnon told Reuters that he created the NFT marketplace to make cryptocurrency more accessible for mainstream customers, even those who are not familiar with it.