Kobalt is expanding into the NFT business, revealing plans to release a ‘music lyric NFT’ collection called An Electro Revival.
In doing so, Kobalt says it will become the “first global music publisher to release a set of fully licensed direct-to-fan NFTs”.
In a media statement, Derek Cournoyer, Kobalt’s VP, Global Digital Partnerships, said that “after licensing many NFTs for various projects”, the company now wants “to dive 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 all three major record companies.
Universal Music Group, for example, has been working on NFT projects via its Web3 label 10:22PM and metaverse band KINGSHIP, while Sony Music Entertainment has invested in the space via the likes of NFT platform MakersPlace.
Warner Music Group, meanwhile, has been active in the market too, striking partnerships with the likes of digital collectibles platform Blockparty and avatar tech company, Genies.
Kobalt is releasing the NFT collection in collaboration with Ghanaian visual artist, Afroscope (Nana Opoku).
The artist has previously worked with the likes of Adobe Inc., Chance the Rapper, MTV Base, and what Kobalt calls “several other prominent creative entities”.
Kobalt says the digital art pieces were inspired by, and include lyrics from, the song Le Petit Morte (a lude) by singer-songwriter Dawn Richard.
The company says that “the art blends Afroscope’s previous work of futuristic expression of African culture and fashion with Richard’s portrayal of a powerful, Black female 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 lyrics from a published song”.
Looking to the future, Dan Smith, Senior Manager, Product, Kobalt noted that the collaboration will help the company “further explore and scale potential Web3 opportunities with our clients”.
Kobalt says that the digital collection contains three individual NFTs to be offered at reserve auctions on the Foundation 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 met, a 24-hour countdown will begin.
“After licensing many NFTs for various projects, we wanted to dive deeper into this emerging market and experiment alongside our clients.”
Derek Cournoyer, Kobalt
Derek Cournoyer, VP, Global Digital Partnerships, Kobalt, said: “After licensing many NFTs for various projects, we wanted to dive deeper into this emerging market and experiment alongside our clients.
“Afroscope is a world-class visual artist who has already made a name for himself in the NFT community, and in addition to being a brilliant songwriter and recording artist, Dawn Richard has a long history of creating innovative visual content.
“These are among the first NFTs of their kind – inspired by and featuring lyrics from a published song – but most importantly, they’re powerful, captivating art pieces.”
“Kobalt is always looking for opportunities to explore and embrace new technologies, particularly where they can benefit our clients.”
Dan Smith, Kobalt
Dan Smith, Senior Manager, Product, Kobalt, said: “Kobalt is always looking for opportunities to explore and embrace new technologies, particularly where they can benefit our 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.”
Dawn Richard said: “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.
“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 his work resonates with my music.
“Together, we are both pushing for the essence of culture and the power of black excellence through our art.”
Afroscope said: “Dawn and I have a strong 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. 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.”Music Business Worldwide