Crypto Influencer Cooper Turley Creates $10M ‘Coop Records’
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Turley Using Non-fungible Tokens (NFTs)
Labels and streaming services hold all the power, and artists have little control over their creative output. Turley sees this as a significant problem in the modern music industry, which his so-called Coop Records will attempt to address with the support of crypto culture influence brokers from Audius to OpenSea.
Coop Records will use this idea of ownership throughout the whole music development stack. In a blog post introducing the fund, Turley described a future in which musicians might make money and benefit from their work without selling their compositions to record labels. They could do this, he suggested, by owning or selling a tokenized version of their music-creating enterprise. Turley said,
"The biggest word I think of when it comes to Web3 is ownership. So, if you create value for a network, you should be able to capture that value in the form of a token or some NFT."
$10 Million Coop Records
The fund's launch represents a man's most recent move in the cultural landscape of cryptocurrency. Turley was not only a prolific investor in crypto music businesses but also a co-founder and essential advocate of the online social club Friends With Benefits DAO, from which he was expelled in January when racist messages came to light.