Cryptocurrency influencer and NFT song collector Cooper Turley is spinning up a $10 million fund to invest in artists and startup founders bringing crypto and music together.
His so-called Coop Records – backed by crypto culture influence brokers from Audius to OpenSea – will seek to solve what Turley sees as a big problem in the modern music industry: Labels and streaming services hold all the power; artists lack autonomy over their creative work.
“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 told CoinDesk in a phone call.
Coop Records will take that notion of ownership and apply it across the music development stack. In a blog post announcing the fund, Turley wrote of a future where artists can raise money and profit off their work without selling their songs to a record label – perhaps by instead selling ownership of their...
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