Warner Records Revives Music NFTs With Blockchain-Based 'Probably A Label'
The latest music NFT dropped this morning, as web3 brand Probably Nothing partnered with Warner Records to bring "Probably A Label" to the blockchain.
The project is described as "a new type of record label aimed at redefining ownership in the music industry, utilizing web3 technology."
There will be three tiers of NFTs, including Scout, Manager, and Head, each with different levels of utility.
Utility has been promised as features for NFT holders, including:
- Artist releases (drops will be from Grammy Award-winning artists)
- Incubator program to help NFT IP come to life
- Community-driven music library for holders use
- Educational content on best IP execution practices
- Community-created virtual artist as its own NFT project
- Access to very private dinners with Warner Records and Probably Nothing
- In-person and virtual events, merchandise
The mint today was hosted by OpenSea, and planned for three phases, starting with two allowlist sales and then a public sale - but all 5,555 NFTs sold in the first allowlist tranche.
The mint price was 0.09 ETH but notably, the floor is already up over 100 percent to 0.21 ETH in early trading, with a 79 percent unique ownership base.
Are music NFTs back?