Greedy Music, a cryptocurrency-based music label backed by Grammy-winning producer Cool & Dre is preparing to launch on the Cardano blockchain.
The cryptocurrency music label will be one of the first projects on the upgraded Cardano
The world’s first cryptocurrency music label, Greed Music, is set to launch on the Cardano blockchain. Developed by Peter Parente with the backing of Grammy-winning producer Cool & Dre, Greed is one of the first smart contracts on Alonzo’s upgraded Cardano.
Greed will exclusively sell non-fungible tokens (NFTs) containing chart-topping hits and exclusive versions of songs by famous artists. It will also use its Metaverse on Decentraland to give its users access to live streams of their favorite artists while working on their projects.
In addition to NFT-based VIP access keys, Greed’s metaverse will support NFT wearables, driveable devices, games and traditional NFT collectibles.
The project’s ecosystem will also include farms, betting pools and a decentralized exchange called Greed$wap, which will also debut at Cardano.
Greed will offer most of its services backed by its native cryptocurrency, the $GREED token, which incorporates a repurchase feature to support price and anti-bot/anti-whale protection features.
Once the $GREED token launches, the project will launch an American Idol-like contest to find the first recording artist for its label.
“This will be a crypto-world version of American Idol, where the community will be involved and the entire process will be live-streamed and recorded, sharing with the world the entire process from the start of submissions to the production of artists for Greed Music,” the company said in its statement.
The music industry is increasingly bullish on NFTs
The NFT mania has reached most forms of entertainment and the music industry is no exception.
In March, American rock band Kings of Leon released their new album in the form of NFT for the equivalent of $50 in Ether. The token contains a copy of the album, music excerpts, exclusive artwork and a one-time gold record.
Two months later, eco-conscious NFT platform OneOf raised $63 million to create a sustainable marketplace to sell rare music from the likes of Whitney Houston, Quincy Jones and John Legend.
Not long ago, Mark Cuban and Ashton Kutcher were revealed to have joined a $4 million funding round for music marketplace NFT Genius.
Interestingly, Kings of Leon’s Followill believes that 70% of albums will be released as NFT in the next decade.