Crypto.com is a digital currency exchange platform and is launching a non-fungible token (NFT) platform for the world’s most famous artists, athletes, and more. The company said on Tuesday that the platform will be invite-only, and the head of the project will be Joe Conyers III, a music industry expert.
Joe Conyers III, who was the Chief Strategy Officer of Downtown Music Holdings, will be in charge of establishing relations with every VIP invited to be part of the platform, as the company’s executive VP and global head of NFTs.
Conyers believes that NFTs are a very efficient way for artists to have power and control over their art in the digital world.
“I think the storytelling aspect has been taken away from them in a lot of ways with the DSPs,” he said. “It’s just go, go, go to playlists, and now there’s more ways to tell your story. In the same way, I think also the music video had its own heyday of telling stories, there’s going to be whole new ways to tell stories through this medium,” Conyers added.
Since digital assets, in general, are surrounded by a lot of skepticism, Conyers knows there will be a lot of people opposing this idea, but he also trusts the project.
“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,” he said.
Crypto.com co-founder and CEO Kris Marszalek declared the exchange is working to go from 10 million users to 100 million in the following two years, and he is sure the NFT market will be a big factor in this growth.