New Muse album will be first NFT to impact UK, Australian music charts – Billboard

LONDON — For the first time, NFT sales can have a real impact on a national music chart. Muse will release an NFT version of their ninth studio album, The will of the people26 August which will be eligible for inclusion in the UK and Australian charts.

The collection of 1,000 NFTs will be released through a Web3 platform called Serenade, which claims to have developed the first chart-eligible NFT format. Serenade’s founder and CEO Max Shand calling it a “digital pressing” and comparing it to “premium vinyl for the web.”

Talking to Billboard, Shand explains that the product has been carefully crafted to fit the UK Official Charts Company’s (OCC) new criteria. “For a digital pressing to be included in the charts, all of the bonus rewards must be connected to the music. This means that artwork, photos and video clips are eligible for inclusion if they enhance the disc’s storytelling.”

However, extravagant extras would break the rules as they can manipulate sales. “Tickets, merchandise and access to exclusive artist property would make Digital Pressing ineligible for inclusion in the charts,” clarifies Shand.

For that reason, Muse’s NFT collection isn’t as flashy as many others—or even the band’s latest release via Nifty Gateway of audiovisual NFTs based on their 2019 album Simulation theory. It comes with alternate album art, downloadable FLAC files and a digital signature from the band members.

It all works in an “eco-friendly” way because Serenade uses Polygon – a so-called “layer two” solution built on top of Ethereum. Put simply, Polygon executes many transactions very efficiently, then aggregates them and sends them back to the Ethereum blockchain for security. The result is faster, more efficient transactions with a lower environmental impact.

Serenade is the first major platform to take advantage of recent changes to the UK chart rules allowing NFT releases. Shand said his platform, which has previously enabled NFT releases from The Brits, is the only licensed supplier producing map-eligible digital prints, but he looks forward to others embracing a similar model.

The OCC approved an NFT release by UK band The Amazons for chart inclusion earlier this year. However, the organization clarified that this release did not chart, and Muses The will of the people — released by Warner Records and the band’s own Helium-3 label — is the first likely to make an impact.

This new innovation could change the shape of the UK charts for years to come. There have been many weeks where map positions were determined by only a small number of units. In January 2022, only 400 sales separated Years & Years and Yard Act from first place. A run of 1000 NFTs can split the difference on a tight week and front-load the crucial first week sales figures. However, secondary sales – where fans trade NFTs on open markets – are not counted in the charts.

In a statement, Martin TalbotCEO of the Official Charts Company, said: “Over its seven decades, the Official Charts have always sought to move with the times, reflecting the consumption of new formats and all new ways of distributing music as they have evolved.”