Last month the two formed a Bitcoin fund focused on developing the cryptocurrency’s adoption, initially in Africa and India. Jay-Z and Dorsey have become chummy over the years, and last summer were seen together aboard a yacht in the Hamptons. “I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians and culture.” “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy,” Dorsey said in a statement. He added that he and Dorsey “have had many discussions about Tidal’s endless possibilities that have made me even more inspired about its future.”Īccording to Dorsey, who is CEO of both Square and Twitter, the deal “comes down to one simple idea: finding new ways for artists to support their work.” ![]() Artists deserve better tools to assist them in their creative journey.” Jay-Z tweeted about the pact Thursday, “I said from the beginning that Tidal was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. One of Tidal’s differentiators has been its high-fidelity audio offering Spotify plans to launch its own hi-fi tier later in 2021. Tidal, which hasn’t disclosed subscriber numbers, has managed to hang on in the streaming game amid competition from huge rivals like Apple Music and Spotify. Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj and Rihanna. Pair Dorsey and Jay-Z, and maybe it comes a whole lot sooner.In 2015, Jay-Z led a consortium of artists in a $56 million deal to acquire Norwegian streaming company Aspiro. All of a sudden, you're along for the ride, too.”ģLAU predicts something along those lines will come in “the next five to 10 years. “Maybe you find an artist you love before anyone else, and you can invest in their music”-as an NFT could allow someone to do-“and then you've invested in The Weeknd before The Weeknd blows up. Why buy an NFT? “Imagine you're a fan, and you want to invest in music,” explains 3LAU. Maybe he sticks to sheparding other artists toward the technology. He sold off a variety of different types of NFTs, some of which included access to new songs and digital copies of his 2017 Ultraviolet album.Ī musician’s NFT can do any number of things: sell an album, drop a single or strike a more complicated bargain-perhaps selling off a cut of future earnings for the immediate investment. And three days prior, the electronic dance music star 3LAU finished a $11.7 million NFT auction, the biggest sale of the tokens yet. Financial services company Square ( SQ 0.90) announced on March 4 that it had acquired a majority. (And it is undeniably a boom: Nearly $50 million of these NFTs are trading hands each week, some $180 million in the past two months.) A day ago, the band Kings of Leon announced they planned to release a new album through an NFT sale, something no other artist has done. The under-performing music streaming service headed up by Jay-Z is joining the fintech giant. Musicians are at the forefront of the boom. They can do it without giving up a lick to an agent, a lawyer or a record label. These tokens allow them to sell digital media-maybe an illustration, maybe an entire album-at prices never before possible and collect a cut of secondary sales too. To them, NFTs are manna from a coded heaven. ![]() If only there was a way to do that using a sophisticated financial technology, precisely the type Dorsey and Jay-Z might find particularly interesting.Īnd this is how the world could end up with Jay-Z NFTs.Īn NFT, or a non-fungible token, is a surging type of cryptoasset attracting all sorts of artists.
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