Cooper Turley Launches Coop Records Fund I Focused on Music Artists

Cryptocurrency influencer Cooper Turley launched a Web3.0 music fund ‘Coop Records Fund I’ which has generated $10 million in the capital in a strategic round. Interestingly, the fund will usher in a new era of investing directly in music artists through cryptocurrencies, especially non-fungible tokens (NFTs). 

25-year-old Cooper Turley is a diehard player in the scenes of crypto culture.

He is regarded as a millionaire who never misses the opportunity to invest in a crypto music startup. So far, he has recorded nine investment portfolios and is still counting. Cooper was previously a co-founder and major promoter of Friends With Benefits decentralized autonomous organization (DAO), an online social club.

The fund will be injected as an incubator, a venture capital firm, and a record label for these artists. Ultimately, such seed rounds will help music artists locate investors who have particular interests in their work. The Coop Records received support from crypto culture influence brokers like Audius and OpenSea. 

According to a media release, “At some point in time, everyone will be able to invest $5 into their favourite artist.”

Also, this fund further fuses both the music and digital assets industry. Cooper Turley argues that only labels and streaming services hold the power in the music industry leaving the artists with nothing. He believes this is a major problem in the industry owing to the fact that the artist puts in a lot of creative work.

Coop Fund I Offers Autonomy To Artists

With this newly generated fund and NFTs, Turley holds the opinion that the problem of autonomy will be greatly solved. “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 sort of NFT,” Turley said.

Turley foresees a future when music artists will make money and profit from their work and not only from selling their songs to record labels. Instead, they might trade off ownership of their NFTs, thereby creating tokenized forms of their company. 

Generally, the music industry is making waves in the crypto ecosystem. Metaverse company The Sandbox entered into a partnership with Warner Music Group in June to build a virtual musical theme park and concert venue.