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
US music and entertainment company Billboard has revealed that 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 that the company’s NFT compilation will leverage the Flow blockchain. Billboard further revealed that the NFT Chartstars will feature “officially licensed artwork and creations, including short music video visual clips 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 via collector leaderboards, challenges, and real utility built into smart contracts, including special access to 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 leveraging its iconic charts for these compelling digital collectibles, Billboard is creating a groundbreaking new way for artists and fans to celebrate unique achievements and cultural moments,” Nash said in a statement Wednesday. Billboard President Julian Holguin agrees with Nash that NFTs are creating new ways for fans to interact and share ownership with today’s musical 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.
