Billboard and Universal Music Group Partner to Launch Flow-Based NFT Collectibles – Billboard, a global music media company, said on March 2 that it has joined with Universal Music Group (UMG) to create Chartstars, a non-fungible token (NFT) project.
The Chartstars initiative, according to Billboard, will be the company’s first NFT product aimed at music lovers, with the goal of “celebrating successes and milestones on the Billboard Charts.”
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 “legally licensed art and creative, including brief visual excerpts from music videos and album photographs,” according to Billboard.
“With the launch of Chartstars, Billboard has unveiled its first scalable NFT product aimed at music enthusiasts. According to Billboard, “Chartstars will be a collection of artist-focused digital artwork that recognizes successes and milestones on the Billboard Charts.”
In addition, the music and entertainment company stated that the Billboard NFT project will include incentives. The NFT announcement from Billboards Chartstars includes the following information:
“Collector leaderboards, challenges, and true usefulness encoded into the smart contracts will enable collecting and gamification on the platform, including unique access to Billboard Live Events. In May, the first Chartstars products should be available for purchase.”
In mid-February, Universal Music Group (UMG) announced a partnership with the NFT marketplace Curio. In mid-November of last year, UMG also introduced a Bored Ape Yacht Club (BAYC) entertainment project.
Billboard is pioneering new ways for music fans to connect with artists, according to Michael Nash, UMG’s executive vice president of digital strategy.
Billboard is “creating a ground-breaking new approach for artists and fans to honor unique achievements and cultural moments” by harnessing its historic charts for these intriguing digital collectibles, Nash said in a statement on Wednesday.
Billboard and Universal Music Group Partner to Launch Flow-Based NFT Collectibles – Billboard’s president, Julian Holguin, agrees with Nash that NFTs are offering new avenues for fans to interact with and share ownership with today’s artists.
“For the very first time, music fans will have an opportunity to be forever linked to their favorite artists, by sharing ownership of a moment in time,” Holguin said during the announcement.
“With visually astounding creativity, these digital collectibles will recognize and commemorate outstanding chart triumphs.” “Fans will compete for real-world prizes, bringing an authentic layer of excitement to the entire site,” said the Billboard executive.