European Union Looks To Create An NFT Platform?

Hey friends,

A warm welcome back to this edition of Morning NFTea. We have a couple of great stories today from Ticketmaster stepping further into NFTs to the future of record labels, so let's get into it!

Estimated Read Time: 6 min

Ticketmaster Announces Partnership With Flow Blockchain

This isn't the first time we have covered Ticketmaster as they look to evolve ticketing through Web3 (catch our recent coverage here), but this does mark an important milestone as Ticketmaster has just partnered with Dapper Labs to allow event organizers to mint NFTs on the Flow blockchain.

In a recent blog post, Dapper Labs said ”Our partnership with Ticketmaster will enable millions of live event fans to immortalize, share and enhance their IRL experiences through digital collectibles". Currently, this partnership will not consist of actual NFT tickets but instead is positioned to allow event organizers to offer linked NFTs that give ticket-owning attendees new in-event utilities. According to Dapper Labs, recipients of linked NFTs can gain access to exclusive Web3 initiatives such as digital memorabilia or even IRL “VIP experiences”, although the execution of these utilities will be left to the imagination of event organizers.

Dapper Labs is most known for its popular NFT project ”NBA Top Shot” which had over $224 million in sales and over 80,000 unique buyers back in February of last year. Dapper Labs Flow is a competitor to Ethereum where its layer-1 blockchain enables fast low-cost transactions and smart contract support for enterprises. Ticketmaster said, “This is why we are partnering with Flow, because their blockchain is custom-built for fan engagement and frictionless consumer experiences”. This isn't the first time Ticketmaster has partnered with Flow since they used this same blockchain for the NFL Superbowl when they minted 70,000 virtual commemorative NFT tickets. This recent announcement gives the same opportunity to all event organizers.

Ticketmaster says this new offering has already seen major success with the company minting over 5 million NFTs for event organizers already. Ticketmaster's Executive Vice President Brendan Lynch says “Event organizers who choose to offer fans an NFT with their ticket have a real opportunity to make this new technology relevant and relatable at scale”, hinting at the mainstream adoption NFTs are heading towards.

European Union Takes An Interest In NFTs

At Morning NFTea, we are a big proponent of showcasing the potential of NFT technology through our coverage of stories in almost every industry from music to ticketing, and now the European Union Intellectual Property Office (EUIPO) is also recognizing this potential through a recent document release.

The EUIPO indicates that officials in the EU are considering blockchain technology through NFTs to help combat the counterfeiting of real-world goods. The EUIPO is responsible for the registration of trademarks and intellectual property throughout Europe and has proposed that new owners of intellectual property will be able to issue Non-Fungible Tokens for physical goods. These NFTs will act as “digital twins” which by being recorded on the blockchain can be used to prove if an item is genuine. The document outlined "As goods pass from one party to another, the token is exchanged between digital wallets. The combination of a unique product identity and the continuous transfer of the digital identity between wallets creates proof that the goods are genuine".

The EUIPO outlined a new tool which will be a registry system that should be fully operational by the end of 2023 grouping together IP holders, logistics operations, and retailers in the EU. "The tool itself will remain versatile in terms of interoperability and with low effort and investment, thereby minimizing technological and economic barriers in the path of its wide adoption," the EUIPO stated. Avoiding counterfeit physical goods isn't a new use case for NFTs as we have already seen designer clothes companies such as Prada give new owners an accompanying NFT (see our coverage in a recent newsletter here), but the uptake of this technology by an official government agency is a major win for the NFT world.

Crypto Influencer Creates $10 Million Fund For The Future Of WEB3 Artists

Our first article at Morning NFTea was a whitepaper where we laid out our views on the future of NFTs and why we started this newsletter. We proclaimed that one of the largest industries to be disrupted would be the Music industry, and Coop Records is springing into that opportunity.

Coop Records was founded by popular Crypto Influencer Cooper Turley (@Cooopahtroopa) and has the backing of crypto brokers such as OpenSea. Cooper says “Coop Records invests in platforms, artists, and tokens uniquely enabled by Web3. Think of it as a hybrid between a venture fund, a record label, and an incubator. We work with founders to create new revenue streams for music”. Cooper says one of the largest problems in modern music is how “labels and streaming services hold all the power and artists lack autonomy over their creative work”. To overcome this, Cooper has created a $10 million fund to help artists transition to the new Web3 world. “The biggest word I think of when it comes to Web3 is ownership. So, if you create value for a network, you should be able to capture that value in the form of a token or some sort of NFT” Cooper told CoinDesk.

Coop Records will use this new idea of Web3 ownership and apply it to the entire music development stack. Cooper talked of a future “where artists can raise money and profit off their work without selling their songs to a record label – perhaps by instead selling ownership of their music-creating company in a tokenized form”. In a nutshell, NFTs have opened up a world where artists can have new monetization models for music, and Coop Records is all aboard as it creates “Artist Seed Rounds”, which allow artists to raise capital through building an ecosystem for their fans, instead of for their record label. Coop Records comes off the back of Snoop Dogg buying Death Row Records to also turn into a Web3 music platform, and further cements the empowering benefits that NFTs are offering to new artists.

Thanks all for checking in on this edition of Morning NFTea. Have a great next couple of days and we will see you on Thursday for the next round-up!

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