This new kind of cryptocurrency empowers musicians
Record label Alibatta has minted Non-Fungible Tokens (NFT), a type of cryptocurrency to go alongside their music artists’ songs, in a first-of-its-kind move in Southeast Asia.
Dubbed after the traditional Philippine writing system, Alibatta aims to re-spell conventional concepts and introduce fresh ideas to the industry.
Founders Geoff Mabasa, Adrienne Cajayon, and Charles Gener shared how their classes at the Music Production Program of De La Salle-College of Saint Benilde inspired them to pursue this brand-new venture.
The trio had one goal in mind, which was to pioneer NFT, a one-of-a-kind representation of their digital assets. This field is unexplored by the major players in the region.
“NFTs are digital investments,” Geoff explained. “There is a unique digital signature embedded on the blockchain technology that certifies the originality and owner of the item it represents.”
Each NFT is distinct from all others in the market, meaning, they hold different values from others of its kind. Think of it as an original painting—only one can own this piece of distinguishing artwork.
Geoff, an experienced tech marketer from giant companies such as Grab, Tiktok, and currently, Binance, serves as the chief executive officer. Adrienne, a product development and management expert from fintech companies JuanCash and StarPay, is the chief operating officer.
Charles, meanwhile, a technology consultant with a master’s degree in International Business, is the chief innovation officer. He likewise spearheads the A&R (artists and repertoire) for the team considering his network and experience as a session musician.
Alibatta recently introduced Ali Young and her debut single “Craving,” available for streaming on Apple Music and Spotify. The rising “tech superstar” is the first Filipino singer with tracks on major cryptocurrency exchange player Binance.
Being pioneers may be the driving force for these innovators, but they hope that this will kickstart the expansion of the industry. “We feel like we have eyes watching, considering that this would be some sort of a pilot for labels releasing unconventional modes for their artists,” Geoff beams.
Currently, Alibatta is gearing toward the launch of Ali’s initial EP (extended play). It is the first NFT record in the region. They are likewise eyeing to organize an immersive show by the end of the year.