Crypto.com is launching a non-fungible token platform called Crypto NFT, where artists, musicians, and athletes can promote exclusive content for their fans.
Crypto NFT will be launching on March 2th6, and it is currently working with mainstream and digital artists such as Snoop Dogg, Boy George, Lionel Richie, Nathan Evans, Bag Raiders, and others.
Artists joining the NFT craze
Crypto NFT will allow anyone to acquire, trade, and sell NFTs directly through the platform without being a Crypto.com user. Besides credit and debit cards, the platform will accept crypto payments using up to 20 currencies, including Bitcoin, Ethereum, and Dogecoin.
Joe Conyers III, Chief Strategy Officer at Downtown Music Holdings, will be leading the project as the Global Head of NFTs. Referencing the launch, Conyers stated:
“I am thrilled to work with remarkable talent around the world and partner with them to shape the future of this new creative medium. We are looking forward to being a thoughtful curator and innovator, connecting fans and collectors with amazing content creators. We will be looking out for creators and curators with bold vision who are working to push the boundaries of the medium and bring more collectors into the space.”
NFTs hitting the mainstream
These marketplaces are providing emerging artists with more lucrative opportunities from a royalties perspective. For instance, many musicians have complained about how platforms like Spotify take a big cut for their revenues, making their earnings considerably small.
Some experts in the music industry argue that crypto art could potentially shift the power structure of many companies, like record labels, by providing artists with independence and a direct connection to their fans. American DJ Steve Aoki’s manager, Matt Colon remarked on the development of NFTs:
“NFTs are built on decentralization, connecting fans directly with creators. The current systems in place are opaque and antiquated. NFTs cut out the middleman,”
With more DeFi platforms developing a space for NFTs, now artists could consider offering their work in these marketplaces instead of relying on record labels to do it for them. Some crypto-users even argue how these companies will have to adapt to emergent technology, similar to DeFi and traditional financial institutions.
Disclaimer: Crypto.com is an advertising partner of CryptoSlate.
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