Image source: The Guardian
While NFTs have largely been about digital art, music NFTs have been on the rise, and iconic rock band Muse will be joining the NFT space with its ninth studio album.
Muse will be releasing the studio album “Will of the People” on August 26. It will be the first-ever release to enter the charts in the UK and Australia.
Will of the People will be the band’s latest chart-eligible album since 2015.
Before the album was conceptualized, the last format accepted by international charts was album stream.
Will of the People is set to be the flagship “Digital Pressing” album from Web3 marketplace Serenade.
The Web3 marketplace created Digital Pressings as a new, limited edition, and collectible music format released as NFT technology.
Serenade is using the format to emphasize community connectivity and product scarcity.
“Digital Pressings allow the music industry to easily slow NFTs into existing workflows and creative processes without having to fund new projects or design new ways of working,” said Max Shand, founder and CEO of Serenade.
“If you want to innovate in the music industry, innovate around the album cycle, because this is how the industry operates.”
Serenade cooperated with the Brit Awards earlier in February by hosting their NFT collection, selling for $12.25 each.
NFT in music
Muse and Serenade’s collaboration is not the first to mark NFT involvement in the music industry.
Previously, NFTs were bundled into album releases or other kinds of music-related campaigns.
Will of the People is set to be the first entire album as an NFT.
Although NFT albums existed as a chart format before the launch, Muse’s album is set to be the first to fall under these standards.
Additionally, the Digital Pressing format offers a new standard in royalty management.
Serenade’s official press release emphasized that “living on the blockchain and offering Web3 capabilities such as verifiable ownership and the ability to trade on secondary markets, a Digital Pressing will also accrue accurate, perpetual royalties for artists, copyright holders and content owners.”
Muse is an English rock band that was formed over 28 years ago, releasing their debut album in 1999.
The band won NME Awards for Best British Band in 2007, 2010, and 2011. They also won the Grammy Award for Best Rock Album in 2011 and 2016.
Muse first dabbled in crypto assets in 2020, collaborating with Dapper Lab’s CryptoKitties to create digital collectibles.
Last year, the band also released its own NFT collection on Nifty Gateway.
Music industry insiders have tipped the collaboration as another step towards the future of music.
“Muse have always had a great appetite for innovation and pushing the boundaries of how they deliver their music to fans,” said Shand.
“So using this technology to elevate the experience of their new album made a lot of sense.”
“Muse was an obvious choice to be the first artist to offer fans a Digital pressing as they’re innovative and have a die hard audience of completist fans who have always displayed an appetite to collect great merchandise from the band,” he added.