Billboard and Universal Music Group have teamed together to establish ChartStars, an NFT-based digital collectibles initiative based on the Flow blockchain.
The collection will feature artist-focused digital artwork that honors the Billboard Charts’ triumphs and milestones. Clips from music videos, album cover, and other items will be included in the collectibles. There will be games included into the platform as well.
Billboard For NFTs
Billboard, an American music and entertainment firm, has announced a partnership with Universal Music Group (UMG) to enter the rapidly growing NFT ecosystem. Billboard said on Wednesday that it is starting an NFT project dubbed Chartstars, which would use the Flow blockchain for its NFT compilation. The Chartstars NFTs will also have “officially licensed art and creative, including short visual clips from music videos and album photography,” according to Billboard.
Billboard President Julian Holguin said in the announcement:
“For the first time, music fans will now have an opportunity to be forever linked to their favorite artists, by sharing ownership of a moment in time. These digital collectibles will celebrate and commemorate special chart achievements with visually stunning creative. Fans will also compete for real-life prizes, adding an authentic layer of gamification to the entire platform. We could not have asked for a better launch partner than UMG, a company who, like Billboard, places artists and fans at the center of everything they do.”
Collecting and gamification will be embedded into the Flow blockchain platform, according to Billboard, through collector leaderboards, challenges, and actual usefulness baked into the smart contracts, including unique access to Billboard Live Events.
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Universal Music Group will sift through its roster of artists and labels to commemorate Billboard chart achievements for songs that debuted on the Top 25 as well as other influential chart-related successes, such as length of time on the chart, simultaneous number of songs on the chart, and historic chart records.
According to the statement, Billboard is partnering with the NFT platform Unblocked, which will allow ChartStars to accept credit card payments for digital collectibles while also running on the environmentally friendly Flow blockchain. Jay-Z, Tiger Global, and Dapper Labs all contributed to the startup’s $90 million fundraising round earlier this year.
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Music Likes NFTs
The development comes amid a deepening connection point between the mainstream music entertainment industry and the use of NFTs for consumer branding and promotion. In January, artist Nas sold royalty rights to two of his songs as NFTS. Coachella partnered with FTX US to launch NFTs tied to festival passes and other perks.
In mid-February, Universal Music Group (UMG) announced a partnership with the NFT marketplace Curio. In mid-November of last year, UMG also launched a Bored Ape Yacht Club (BAYC) entertainment endeavor. Billboard is pioneering new ways for music fans to connect with artists.
Michael Nash, UMG’s Executive Vice President of Digital Strategy, said:
“By harnessing its iconic charts for these compelling digital collectibles, Billboard is creating a ground-breaking new way for artists and fans to celebrate unique achievements and cultural moments,” Nash says. “We’re excited to collaborate on this product innovation and open even more avenues for our artists to maximize their creative and commercial potential, all while forging stronger bonds with their fans. These projects, which will be completed with our artists’ creative direction, will be unique assets that every fan will want in their collections.”
The first ChartStars products are expected to arrive in May.
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