Crypto Music Label Backed By Grammy Winners Set to Launch on Cardano

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. 

The project’s ecosystem will also include farms, staking pools, and a decentralized exchange called Greed$wap, which will also make its debut on Cardano. 

Greed will provide most of its services on the back of its native cryptocurrency, $GREED token, which incorporates a buyback feature to support the price and anti-bot/anti-whale protection features.

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.

Two months later, eco-conscious NFT platform OneOf raised $63 million to build a sustainable marketplace that would sell rare music by the likes of Whitney Houston, Quincy Jones, and John Legend.

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. 

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