Quick take:
- Kobalt has jumped on the NFT train with a lyric NFT collection called “An Electro Revival”.
- The music rights management company’s collection will feature fully licensed direct-to-fan NFTs.
- Kobalt has collaborated with Ghanaian visual artist, Afroscope for its first NFT project.
Kobalt has dived into the web3 frenzy with its first NFT collection dubbed “An Electro Revival”. The independent music rights management company has teamed up with Ghanaian visual artist, Afroscope to create lyric-based NFTs.
According to the announcement, the collection will feature fully-licensed direct-to-fan NFTs. The company claims to be the first global music publisher to release such types of NFTs.
However, Kobalt is not the first music rights management company to offer NFTs to artists and their fans.
In May, defunct music sharing platform, LimeWire teamed up with Universal Music Group to audio recordings and multimedia content as NFTs. The company leveraged the disruptive NFT technology to make a comeback with a marketplace for music NFTs.
Warner Records UK subsidiary collaborated with audio company Bose to offer free Stickman Toys audiovisual NFTs last month.
Music NFTs are essential 1-for-1 tracks recorded on the blockchain. They can be downloaded for resale on secondary NFT marketplaces to earn royalties for the holders. Music NFTs have been adopted by artists as a form of extending their relationships with their fans by giving them part-ownership in their favourite tracks.
Kobalt’s “An Electro Revival Collection” features digital art pieces inspired by and including lyrics from the song “Le Petite Morte (a lude)” by singer-songwriter Dawn Richard. Afroscope has blended Richard’s work with his past experience in creating futuristic expressions of African culture and fashion to portray “a powerful, Black female superhero, emblematic of the song’s lyrical themes.”
The artistic set contains three individual art NFTs to be offered via a reserve auction on Foundation.app. The company has set a reserve price of 1 ETH open from August 25, which once met, will trigger a 24-hour auction countdown.
Commenting on his part in the project, Afroscope said: “This NFT is special for several reasons. Firstly it is based on truly moving lyrics by an extremely gifted and inspiring artist. Plus, it brought together creators from different sides of the globe, epitomizing the power of connection and community in web3.”
On the other hand, Dawn Richard commented: “This opportunity was akin to how Kobalt has helped me put together sessions with other like-minded artists and songwriters, but this time they helped connect me with a visual artist as they knew my passion here.”
Dan Smith, Senior Manager, Product, Kobalt said the NFT collection shows the company’s commitment to exploring emerging technologies that can optimise the value to its clients.
“Creative expression is a step into the unknown, and we believe there is great benefit in mirroring this expression in our technology. This collaboration has been rewarding on so many fronts and provides a great learning experience that will help us further explore and scale potential web3 opportunities with our clients,” Smith added.
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