Muse NFT’s upcoming album will be the latest chart eligible album format since 2015. Prior to this album’s concept, the last format to be accepted by international charts was album streams. Non-Foldable Tokens (NFT) albums are now eligible for both the UK and Australia charts.
Will of the People is the British rock band’s ninth studio album and will be released on August 26. The flagship album will be “Digital Squeeze” from the Web3 marketplace Serenade.
Serenade created Digital Compresses as an “entirely new, limited and collectible” music format released via non-fungible token technology. The market is using this new format to meet the needs of societal communication and product scarcity.
Max Shand, CEO and founder of Serenade, told Cointelegraph, “Digital pressures allow the music industry to easily open NFTs into existing workflows and creative processes without having to fund new projects or design new ways of working. If you want to innovate in the music industry, innovate around The album cycle because that’s how the industry works.”
Market teamed up with the Brit Awards, an annual UK pop award, in February of this year by hosting the NFT group, which sold for £10 ($12.25) each.
Certainly, this is not the first case of NFT being involved in the music industry or with musicians topping the charts. So what makes this unprecedented?
In the past, NFTs were often bundled into album releases or other types of music-related campaigns. To date, there has been no full album release as NFT. NFT albums as a chart format had been in existence prior to this launch, although Muse’s album would be the first to fall under these criteria.
More specifically, Serenade’s digital compression format offers a new standard for equity management. In the official press release, Serenade highlighted that “living on the blockchain and offering web3 capabilities such as verifiable ownership and the ability to trade in secondary markets, digital pressure will also bring accurate and permanent royalties to artists, copyright holders, and content owners.”
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Music industry insiders see this as another step toward the “future of music.”
While this may set a new precedent for the international music industry charts, it’s no surprise that Muse delivers. The band was one of the first major artists in the industry to use NFTs in their creative output.
In fact, Muse’s lead singer, Matt Bellamy, dropped a solo track as an NFT earlier this month. In September 2020, the band teamed up with the infamous CryptoKitties project, and later in July 2021, the brand released their NFT kit on Nifty Gateway.
Chand told Cointelegraph that working with Muse for this release was a no-brainer, “Muse was a clear choice to be the first artist to offer fans digital squeeze, because they are innovative and have a die-hard fan following who have always shown their desire to collect great merchandise from the band.”