Music video

Prerna Gupta launches NFT music video platform backed by marquee investors

Serial entrepreneur Prerna Gupta launches music video social platform NFT, Mysterious, focusing on women, BIPOC and non-binary musicians. Mysterious is launched with a collective of world-renowned experimental musicians, including Teebs, MNDSGN, Prefuse73, Mount Kimbie, Shigeto, Lotic, Laurel Halo, Kara-Lis Coverdale, Aya, Beatrice Dillon, Actress, Astrid Sonne, Alam Khan, Kali Malone and others. Gupta is no stranger to bringing underrepresented storytellers to the fore and with Mysterious, her hope is to empower these musicians, who typically don’t get fair exposure or compensation, through NFTs. The platform’s genesis drops will be music video NFTs, limited supply, 60 seconds or less, priced at 0.1 ETH. Purchasing a Mysterious NFT music video will be a ticket to the artist’s exclusive community. In addition to owning the purchases of NFT music video collectors, it will also give them access to intimate music gatherings, vigils with our artists, exclusive servers, and secret drops.

Mysterious has also received investments from the likes of Mariah Carey, LeBron James, Jamie Foxx, Steph Curry, Kevin Durant, Ashton Kutcher (Sound Ventures), Max Martin, Savan Kotecha, Sandeep Nailwal & Polygon Studios, Anjula Acharia, Chernin Group, WME/Endeavour, SV Angel, A Capital, Founders Fund, Greylock and many more. “Prerna is one of the most exciting founders to work with as an investor. She constantly breaks the mold and finds innovative ways to propel the creator economy and create wealth opportunities for female/non-female artists. binaries/BIPOC,” said investor Anjula Acharia. “Mysterious will usher in a complete paradigm shift in our culture to fix what has been broken by social media and create a new future for creators and consumers.”

Gupta’s idea for Mysterious was born out of a trend she saw from her other company, Hooked. “The idea came from what we see with Hooked – we’ve seen that literally billions of people around the world are looking for more meaningful artistic experiences in their social media feeds. When you show people thoughtful artwork in their feeds, they stop and pay attention. But the problem is that creators can’t earn enough ad revenue to keep creating thoughtful art. Thoughtful art takes time to grow,” she explained. “And so we are all collectively stuck in a distorted social media vortex – where creators are forced to produce shoddy content to make a living, and consumers are addicted to social media-dominated streams. selfie culture that makes them miserable. Web3 gives us the opportunity to create a new kind of social media culture, where creators have the time and space to create art that people are willing to pay for, and consumers can focus on a content that brings them joy.

Gupta believes that music videos will also be what bring mainstream audiences to Web3. “Music videos are the cultural currency of our time – it’s how we establish and share culture around the world. It’s no coincidence that all the major entertainment platforms – MTV on analogue, YouTube on the web1 and TikTok on the Web2 – debuted with music videos. In a whole focused on social media advertising, NFTs could be the answer to providing artists with a living wage. Gupta said there are 8 million artists on Spotify and less than 0.1% of them can earn a living wage from their streams.

“Web2 platforms’ ad optimization algorithms have built a culture where only a handful of creators amassing billions of subscribers reap all the rewards. This means that the only kind of financially viable content is content from the most low common denominator that attracts a mass audience. This has led to a monoculture – where only a few voices, a few faces – are what everyone hears and sees. Take a look at one of your social feeds today – Instagram, Twitter, TikTok – and you will notice that you will continue to see the same handful of people over and over again posting the same kind of innocuous content over and over again,” Gupta shared. “Web3 will be a paradigm shift in culture and will give birth to a new social media that celebrates diversity and elevates unique art. NFT will subvert that model, elevating creators from diverse backgrounds with unusual voices and aesthetics, and empowering them to create tight-knit communities of true fans who appreciate their art enough to pay for it. We know from our data with Hooked that there is a global demand for art from diverse creators, and we want to be the platform that brings diversity to web3.

Beyond music videos over the next few months, Gupta will be rolling out community features that will allow mystery creators to build intimate relationships with their fans. Over time, the platform plans to expand beyond music into other types of short videos, including scripted ones.