Warner Music Group has joined as a partner on a project that is using non-fungible tokens (NFTs) to create virtual celebrities.
This interesting take on NFTs ties the token’s value to the popularity of this made-up celebrity.
Dubbed The Guardians of Fashion (GOF), the project will mint 6,888 NFTs for two-dimensional avatars based on human characteristics. This is according to Singapore-based start-up Ownft World.
“NFT values are usually based on rarity,” project director Eu Wing Leong said in an interview with the South China Morning Post. “However, with GOF, avatar owners are going to be able to enhance the value of their GOF avatars via the popularity route, as well.”
The tokens will be minted on Ethereum blockchain.
Warner Music comes in as the music partner, and will issue a virtual casting call to identify 100 GOF avatar talents.
Public sale of the NFTs will start in early February with each NFT starting at 0.18 ether (US$517).
Project partners will monetize the avatars through streaming and other methods and share the proceeds.