Kobalt is expanding into the NFT sector, revealing plans to release a collection of “NFT music lyrics” called An electro revival.
In doing so, Kobalt claims it will become the “first global music publisher to release a fully licensed direct-to-fan set of NFTs”.
In a statement to media, Derek Cournoyer, Kobalt’s Vice President, Global Digital Partnerships, said that “after licensing numerous NFTs for various projects”, the company now wants to “dig deeper into this emerging market and experiment alongside our clients”.
The NFT market has attracted interest from various prominent players in the global music industry over the past 24 months, including the three major record labels.
Universal Music Group, for example, has worked on NFT projects through its Web3 label 10:22PM and metaverse group KINGSHIP, while Sony Music Entertainment has invested in the space through the NFT MakersPlace platform.
Warner Music Group, meanwhile, has also been active in the market, securing partnerships with digital collectibles platform Blockparty and avatar tech company, Genies.
Kobalt launches the NFT collection in collaboration with Ghanaian visual artist Afroscope (Nana Opoku).
The artist has previously worked with Adobe Inc., Chance the Rapper, MTV Base, and what Kobalt calls “several other top creative entities.”
Kobalt says the digital artwork was inspired by the song and includes the lyrics to it Le Petit Morte (fun) by singer-songwriter Dawn Richard.
The company claims that the “art blends Afroscope’s earlier work on the futuristic expression of African culture and fashion with Richard’s portrayal of a powerful black superhero, emblematic of the song’s lyrical themes” .
According to Kobalt’s Derek Cournoyer, these digital collectibles “are among the first NFTs of their kind – inspired by and featuring the lyrics of a published song.”
Looking ahead, Dan Smith, Senior Director, Product, Kobalt, noted that the collaboration will help the company “further explore and grow potential Web3 opportunities with our customers.”
Kobalt says the digital collection contains three individual NFTs to be offered at reserve auctions on the Foundation’s platform.
The reserve price will be set at 1 ETH (approximately $1,845 at current exchange rates) on August 25, 2022. Once the reserve price is reached, a 24-hour countdown will begin.
“After licensing numerous NFTs for various projects, we wanted to dive deeper into this emerging market and experiment alongside our customers.”
Derek Cournoyer, Kobalt
Derek Cournoyer, Vice President, Global Digital Partnerships, Kobalt, said, “After licensing numerous NFTs for various projects, we wanted to dive deeper into this emerging market and experiment alongside our customers.
“Afroscope is a world-class visual artist who has already made a name for herself in the NFT community, and in addition to being a brilliant songwriter and recording artist, Dawn Richard has a long history of creating visual content. innovative.
“These are among the first NFTs of their kind – inspired by and containing the lyrics of a published song – but above all, they are powerful and captivating works of art.”
“Kobalt is always looking for opportunities to explore and adopt new technologies, especially when they can benefit our customers.”
Dan Smith, Kobalt
Dan Smith, Senior Manager, Product, Kobalt, said, “Kobalt is always looking for opportunities to explore and adopt new technologies, especially where they can benefit our customers.
“Creative expression is a step into the unknown, and we believe there is great benefit in reflecting that expression in our technology.
“This collaboration has been rewarding on many fronts and provides an excellent learning experience that will help us further explore and develop potential Web3 opportunities with our customers.”
Dawn Richard said, “This opportunity was like how Kobalt helped me organize sessions with other like-minded artists and songwriters, but this time they helped me connect with a visual artist because they knew my passion here.
“I believe the artist will be able to create their own ecosystem through spaces like NFTs and the Metaverse. I chose Afroscope because I feel their work resonates with my music.
“Together, we both push for the essence of culture and the power of black excellence through our art.”
Afroscope said, “Dawn and I have great mutual respect for each other’s work, and there was a synergy between some of our recent individual visual explorations.
“This NFT is special for several reasons. First, it is based on truly moving lyrics by an extremely gifted and inspiring artist. Moreover, it brought together creators from different sides of the globe, embodying the power of connection and community in Web3. »The music industry around the world