Crypto influencer and NFT song collector Cooper Turley unveils a $10M music startup fund titled “Coop Records” to invest in platforms, artists, and tokens “uniquely enabled by web3.”
Turley says Coop Records sees itself as a hybrid between a musical label, an incubator, and a web3 venture fund.
To design solutions that generate new revenue sources, Coop Records will collaborate closely with entrepreneurs and artists.
Coop Records will aim to address what Turley sees as a significant issue in the contemporary music business which is labels and streaming platforms possessing all the power and artists’ lack of sovereignty over their creative activity.
With Coop Records, Turley is attempting to change that with NFTs. Coop Records is backed by crypto culture influence brokers from Audius to OpenSea.
Turley noted “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 wrote about a future in which musicians may make money and benefit from their work without selling their songs to record labels, perhaps by selling tokenized ownership of their music-creating enterprise instead.
Coop Records’ Artist Seed Rounds will assist artists in locating sponsors who support their creative endeavors.
After racist tweets from years ago came to light, Turley, a co-founder and major supporter of the online social club Friends With Benefits DAO, was ousted from the group in January.
Turley tweeted “Most people think I’m crazy for doubling down on a niche that feels small today. I’ve never felt closer to my purpose, and that triumphs anything else. To the next generation of music – let’s jam.”
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