Cooper Turley, a cryptocurrency influencer and fan of NFT music, is setting up a $10 million fund to support musicians and company entrepreneurs who are fusing the worlds of cryptocurrency and music.
He will attempt to address what Turley views as a major issue in the contemporary music industry: Labels and streaming services retain all the power; artists lack sovereignty over their creative activity. His so-called Coop Records is supported by crypto culture influence brokers from Audius to OpenSea.
With non-fungible tokens, Turley is attempting to alter that (NFTs).
"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," Turley said.
This idea of ownership will be used by Coop Records throughout the whole music development stack. Turley wrote about a future in which musicians may make money and benefit from their labor without selling their tunes to record labels — possibly by selling tokenized ownership of their music-creating enterprise instead.
Turley said in a thread on Twitter on Thursday that his fund will serve as a record label, incubator, and venture capital company all in one, assisting artists in turning their creations into lucrative Web3 technology. Its "Artist Seed Rounds" will assist artists in locating sponsors who support their creative endeavors.
In his future vision for Web3 and music, performers will be able to build strong fan bases around their professions.
Turley remarked of "a way for me to kind of have that sort of proof-of-fandom asset that represents some exposure to that artist's career" that "there is never really been a way for me to see collective ownership over that artist's success."
The introduction of the fund represents a man's most recent move in the cultural landscape of cryptocurrency. Turley was a well-known investor in crypto music firms as well as a co-founder and important supporter of the online social club Friends With Benefits DAO, from which he was expelled in January when racist remarks from years earlier came to light.
By fLEXI tEAM