Telepathic Inc. CEO Prerna Gupta has launched Mysterious, a music NFT platform. The platform will launch a music collective from artists like Mount Kimbie, Shigeto, Lotic, and more experimental musicians.
Mysterious’ Meaningful Market
Since its inception, music NFTs gave musicians an alternate distribution medium. Gupta’s Mysterious aims to put female, black, Indigenous and people of color (BIPOC), and non-binary musicians in the spotlight. The idea for this target group came from her previous company Hooked, a mobile app to read short fiction.
She said billions of people crave “meaningful artistic experiences.” However, the revenue model does not suit creators. The same is true for the music industry’s advertisement model for musicians.
The solution is forcing musicians to churn out low-quality content on a hyper scale. This is neither sustainable nor preferred. Mysterious aims to change that.
Gupta believes that web3 with its tools of verifiable ownership through blockchain and NFTs can create a new social culture. In this culture, creators have the time and space to create art people are willing to pay for.
Mysterious’ genesis drop consists of limited supply music video NFTs with a duration of 60 seconds or less. These are priced at 0.1 ETH each. The music video NFTs give the holders access to an artist’s private community. Holders also can access exclusive events like music gatherings, fireside chats, and secret drops.
The Music NFT platform has some Big Backers
The music NFT marketplace Mysterious has big backers as well. Sports stars like LeBron James, Steph Curry, and Kevin Durant are backing Mysterious. Movie stars like Ashton Kutcher (through Sound Ventures), Jamie Foxx, and Mariah Carey have also invested in Mysterious, in addition to NFT gaming giant Polygon Studios with the backing of Polygon co-founder Sandeep Nailwal.