On March 2, the global music media brand Billboard announced the firm has partnered with Universal Music Group (UMG) in order to launch a non-fungible token (NFT) project called Chartstars. According to Billboard, the Chartstars project will be Billboard’s first NFT product focused on music fans, as Chartstars aims to “commemorate achievements and milestones on the Billboard Charts.”
Billboard Joins the NFT Ecosystem
The American music and entertainment company Billboard has revealed it has partnered with Universal Music Group (UMG) in order to enter the growing NFT ecosystem. The company revealed on Wednesday that Billboard is launching an NFT project called Chartstars and the firm’s NFT compilation will leverage the Flow blockchain. Billboard further disclosed the Chartstars NFTs will feature “officially licensed art and creative including short visual clips from music videos, and album photography.”
“The launch of Chartstars marks Billboard’s first scalable NFT product geared toward music fans. Chartstars will be a collection of artist-focused digital artwork that commemorates achievements and milestones on the Billboard Charts,” Billboard’s announcement explains. Furthermore, the music and entertainment firm said that incentives will be implemented into the Billboard NFT project. Billboards Chartstars NFT announcement adds:
Collecting and gamification will be built into the platform through collector leaderboards, challenges and true utility baked into the smart contracts, including special access at Billboard Live Events. The first Chartstars products are expected to be available for purchase in May.
UMG and Billboard Execs Believe NFTs Make It so Fans Can Be ‘Forever Linked to Their Favorite Artists’
Universal Music Group (UMG) recently revealed it partnered with the NFT marketplace Curio in mid-February. UMG also launched a Bored Ape Yacht Club (BAYC) entertainment project in mid-November last year. Michael Nash, UMG’s executive vice president of digital strategy, said Billboard is pioneering new ways for music fans to connect to artists.
“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 said in a statement on Wednesday. Julian Holguin, the president of Billboard, agrees with Nash about NFTs creating new ways for fans to interact and share ownership with today’s music artists.
“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,” Holguin remarked during the announcement. “These digital collectibles will celebrate and commemorate special chart achievements with visually stunning [creativity]. Fans will also compete for real-life prizes, adding an authentic layer of gamification to the entire platform,” the Billboard executive added.
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Written by: Jamie Redman