‘Crypto Influencer’ Cooper Turley Launches Coop Records With $10 Million

Cryptocurrency influencer Cooper Turley launches Coop Records with $10 million in funding.

Coop Records is backed by crypto brokers like Audius and OpenSea. Turley says he seeks to address the power imbalance in the music industry that plagues labels and streaming services. He thinks NFTs are the right way to shake up the space.

“The biggest word I think of when it comes to web3 is ownership”, Turley Told CoinDesk. “So if you’re creating value for a network, you should be able to capture that value in the form of a token or some kind of NFT,” he explained.

Turley says Coop Records will act as an incubator, venture capital firm and record label all rolled into one.

He believes web3 is creating new monetization models for music, with NFTs being just one avenue. “Coop Records invests in platforms, artists and tokens uniquely enabled by web3. Think of it as a hybrid between a venture capital fund, a record label, and an incubator. We are working with the founders to create new revenue streams for music,” he said. tweeted.

“We should be able to invest in our favorite artists. What if an artist raised capital to create an ecosystem for their fans? This is the purpose of what we call “artist seed tours”. Coop Records is excited to invest in artists,” Turley continues.

“Spotify’s biggest artists should have a stake in the business. That’s why Coop Records is bringing in a select group of trusted artists as investors. Coop Records makes investing in music businesses more exciting,” Turley continues. Turley is co-founder and promoter of the online social club Friends With Benefits DAO. He was removed from the organization following racist tweets from years ago that resurfaced.

Now it looks like he’ll be focusing on trying to bring (yet another) Web3 approach to the music industry.