Since 2015, the forthcoming Muse NFT album will be the most recent chart-eligible album format. Album streaming were the last format to be accepted by worldwide charts prior to this album concept. Albums that use nonfungible tokens (NFT) can now appear on Australian and British charts.
The British rock group's eighth studio album, Will of the People, will be available on August 26. It will serve as Serenade's "Digital Pressing" album's launching disc.
As a "fresh new, limited edition and valuable" music format made using non-fungible token technology, Serenade developed digital pressings. This innovative structure is being used by the market to address issues of product scarcity and community connectivity.
According to Max Shand, CEO and founder of Serenade, "Digital pressings allow the music business to simply integrate NFTs into existing workflows and creative processes without having to fund new projects or construct new working techniques." If you want to innovate in the music industry, work around the album cycle since this is how the industry operates.
In February of this year, the market supported the Brit Awards, an annual U.K. pop music award show, by hosting their NFT collection, which went for £10 ($12.25) each.
NFTs have frequently been included in record releases and other music-related campaigns in the past. An full album has never before been made available as an NFT. Although NFT albums as a chart format already existed before this introduction, the Muse album will be the first to do so.
More particular, Serenade's Digital Pressing format introduces a new standard for managing royalties. Serenade stated in the official press release that "a Digital Pressing will also accrue accurate, perpetual royalties for artists, copyright holders, and content owners, living on the blockchain and offering web3 capabilities such as verifiable ownership and the ability to trade on secondary markets."
Despite the fact that this may be a first for the global music business charts, Muse introducing it comes as no surprise. The group was among the first well-known performers in the field to incorporate NFTs into their works.
In fact, Matt Bellamy, the lead singer of Muse, released a solo song as an NFT earlier this month. The band joined together with the infamous CryptoKitties project in September 2020, and in July 2021, the company launched its own NFT collection on Nifty Gateway.
Muse was an obvious choice to be the first artist to offer fans a digital printing since they are inventive and have a dedicated following of completist fans who have always shown a hunger to acquire fantastic items from the band, according to Shand.
