Artists piling onto the NFTs bandwagon is one thing, but prominent music industry executives leaving their jobs for it is quite another.
Joe Conyers III, of Downtown Music Holdings, has left for a new EVP role at cryptocurrency firm Crypto.com, where he will be in charge of its new “invite-only NFT platform that will feature the world’s top artists, athletes and sports leagues”.
“To be able to resell what you bought and have the artists participate changes the economics of [how] these things work. Everyone is getting their interests aligned. It’s not just the auction house that’s interested, it’s not just the artists, it’s the fan too. It’s this triangle of success for everybody,” Conyers told Billboard.
Crypto.com will be announcing the launch date for its new platform tomorrow (18 March), including some of the artists who’ll be using it.