American Express Backing NFTs??

Hey friends,

Welcome back to another edition of MorningNFTea! Today we have some very exciting stories on NFTs continuing to build a reputation  significant industries, so let's get started.

First NFT Record To Qualify For Official Album Charts

The last time the UK and Australian music charts added a new album format for their official music charts was back in 2015 for “album streams”, when we began to see the revolutionary rise of streaming platforms. Well now 7 years on, NFT albums are the newest format to become officially recognized. British rock band Muse has announced the release of their ninth studio album, and the NFT record will become the first release of its kind to qualify for charts in the UK and Australia. The NFT album will give holders access to a high-res downloadable version of the album, and will be limited to 1,000 copies at £20 a pop. Each person who mints the NFT album will have their name permanently added to a linked roster of purchasers, and this will all be facilitated through the “eco-friendly” NFT platform Serenade. The UK’s Official Charts Company (OCC) made NFT albums eligible for charts several months ago, but this Muse release will be the first with an officially recognized digital retailer; NFT platform Serenade. The CEO of the OCC, Martin Talbot, says “There has been loads of noise about NFTs being the future of music, the future of entertainment, the future of ownership, It’s great this is becoming a reality”. Here at Morning NFTea, we have had many stories on NFTs starting to transform the music industry, such as the Chainsmokers offering streaming royalties to their NFT holders, but this milestone of the first NFT album becoming officially recognized on music charts will no doubt be the beginning of much broader adoption.

American Express Backs NFT-Powered Commerce

Another week, another enterprise looking to involve themselves in the upcoming new world of Web3, and this time around is the household name of American Express. According to Nilson Report, the network volume of American Express cards worldwide was $1.284 trillion USD last year, and now this absolute commerce goliath has given funding to NFT platform OneOf. Miami-based OneOf is built on the energy-efficient Tezos and Polygon blockchains, focusing on connecting fans and collectors to their favorite musicians, artists, athletes and brands through a streamlined NFT platform that assists users from start to finish with $0 gas fees and purchasing options through crypto, debit and credit cards. Margaret Lim, the managing director of Amex Ventures says “A growing number of creators and consumer brands are experimenting with NFTs leading to the rise of a new spend category, new business ideas, and new loyalty and membership models. We believe that the investment in OneOf will help American Express stay close to the developments in NFT-powered commerce and lead to the development of new customer engagement models for our Card Members”. We are already seeing action on these “membership models” where cardholders who go to the American Express Summer pop-up in Turkey will receive a free OneOf NFT designed by the Turkish artist Selay Karasu. One of the largest shifts in consumerism came from Web1 birthing online commerce, and now with American Express wanting to quote “stay close to the developments in NFT-powered commerce”, it shows yet more evidence of Web3 and NFTs preparing to make waves in the digital world.

Ticketmaster Posts Job For “Product Manager Of NFT Ticketing”

One of the most common digital assets where the main job is to prove ownership has been ticketing to everything and anything. Tickets used to be physical items, now in the modern world it is usual practice to have a digital ticket and just show a QR code on your phone, but without proper verification protocols, this form of ticketing has resulted in countless counterfeit issues such as this year when France’s interior minister, Gérald Darmanin, claimed as many as 70 percent of tickets presented at the Stade de France in St.-Denis were fake. It seems like NFTs are an easy fix for this right? Well, we're not the only ones as America's biggest ticketing company, Ticketmaster, has created a recent job posting for a “product manager of NFT ticketing tooling” where the role also demands developing new products and features catering to the future needs of its NFT business. A new “NFT ticketing tooling” department of Ticketmaster makes it pretty obvious they are embracing the benefits of NFTs, and they stated the company’s intent is to roll out NFT-based enterprise products “across all content categories including sports and music.” This news comes off the back of our reporting on the 2024 Paris Olympics tickets being blockchain-based and gives further evidence on the reinvention of the ticket sale/resale process that NFTs are about to facilitate.

Thank you for supporting this latest edition of Morning NFTea, hope you have a great couple of days and we will see you on Thursday!

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