Prerna Gupta, CEO of Telepathic, releases Mysterious, a music NFT platform. The platform will release a music collective from artists such as Mount Kimbie, Shigeto, Lotic, and other professional musicians.
Since its inception, music NFTs provided musicians an alternative distribution medium. Gupta’s Mysterious plans to focus on female, black, indigenous and people of color (BIPOC). And non-binary musicians. The group’s idea derived from her former company Hooked, a mobile app for reading short stories.
Billions of people are eager for “meaningful artistic experiences,” she explained. Nevertheless, the revenue model does match creators. The same is true for the music industry’s advertisement model for musicians.
The solution is pushing musicians to produce low-quality content on a super scale. This is neither stable nor preferred. Mysterious’ goal is to change this.
Gupta thinks that Web 3 with its verifiable ownership tools via blockchain and NFT can create a new social culture. In this culture, creators have the time and place to create art that people like to pay for.
Mysterious’ genesis drop includes limited-edition music videos NFTs lasting 60 seconds or less. Each of them cost 0.1 ETH. The music video NFTs allows holders to enter an artist’s private community. Holders can enter unique events such as music gatherings, fireside chats, and secret drops as well.
The music NFT market and Mysterious also has big sponsors. Sports stars such as LeBron James, Steph Curry, Kevin Durant support Mysterious. Movie stars such as Ashton Kutcher (via Sound Ventures), Jimmy Foxx, and Mariah Carey have invested in Mysterious, plus NFT gaming giants Polygon Studios with the support of Polygon co-founder Sandeep Nailwal.