Crypto Music label to Become One of Cardano’s First Projects Post Upgrade
The world’s first crypto music label, Greed Music, is set to launch on the Cardano blockchain. Backed by Grammy-winning producers Cool & Dre and developed by Peter Parente, Greed is one of the first smart contracts on Cardano post the Alonzo upgrade.
According to a September 21 release, Greed will specialize in selling nonfungible tokens (NFTs) containing chart-topping hits and exclusive versions of songs from prominent artists. It will also leverage its Metaverse on Decentraland to give its users VIP access to live streams of their favorite artists while they are working on projects.
Aside from NFT-based VIP access keys, Greed’s metaverse will support NFT wearables, driveables, games, and traditional NFT collectibles.
Once the $GREED token is launched, the project will introduce an American Idol-like contest to find the first recording artist for its label. “It will be the crypto world version of American Idol where the community will be involved and the whole thing will be live-streamed and documented to share with the world all the way from the beginning of the submissions to the making of the Artist with Greed Music,” the company said in its statement.
Music Industry Increasingly Bullish About NFTs
The NFT mania has reached most forms of entertainment, and the music industry is no exception.
In March, American rock band Kings of Leon released their new album in the form of an NFT, priced for the Ethereum equivalent of $50. The token contained a copy of the album, musical outtakes, exclusive artwork, and a one-off gold record.
Not long ago, Mark Cuban and Ashton Kutcher were revealed to have joined a $4 million funding round for the musical marketplace NFT Genius.
Interestingly, Kings of Leon’s Followill believes that 70% of the albums in the next ten years will be released in the NFT form.