On March 2, the worldwide music media brand Billboard reported that it has collaborated with Universal Music Group (UMG) to launch Chartstars, a non-fungible token (NFT) based project of arranged digital collectibles.

As per Billboard, the Chartstars project will be Billboard's first NFT item centered around music fans, as Chartstars plans to "commemorate achievements and milestones on the Billboard Charts" and will highlight "officially licensed art and creative including short visual clips from music videos, and album photography."

The launch of ChartStars, a collection of artist-focused digital artwork, denotes Billboard's first versatile NFT item intended for music fans. Gathering and gamification will be incorporated into the stage through collector leaderboards, difficulties, and genuine utility baked into the smart contracts, including VIP access at Billboard Live Events.

Moreover, the organization publicized ChartStars will use the environmentally friendly Flow Blockchain. The first ChartStars items are likely to be accessible for buying from May.

As Billboard's launch partner, UMG will work across its program of A-list artists and labels to celebrate Billboard chart accomplishments for songs that debut in the Top 25 or arrive at other huge outline related successes including however not restricted to the timeframe on the chart, a synchronous number of tunes on the chart and noteworthy chart records, among different achievements.

“For the first time, music fans will now have an opportunity to be forever linked to their favorite artists, by sharing ownership of a moment in time," said Julian Holguin, President, Billboard.

Billboard has tapped Unblocked as its NFT innovation partner for ChartStars. Unblocked, which is upheld by Dapper Labs, the organization behind NBA Top Shot, as of late reported a seed round of financing driven by Tiger Global. With Unblocked, ChartStars will acknowledge charge card payments for digital collectibles and run on the Flow Blockchain stage, which is all the more harmless to the ecosystem contrasted and other standard blockchain technology.

Michael Nash, UMG's Executive Vice President of Digital Strategy, said: "By harnessing its iconic charts for these compelling digital collectibles, Billboard is creating a ground-breaking new way for artists and fans to celebrate unique achievements and cultural moments.”

Joyashree Dey

CBW - External Analyst

INDIA