Newly launched record label Alibatta has one goal in mind: to pioneer NFT (non-fungible tokens) in the Philippine music industry.
Founded this year by Benilde music production alumni Geoff Mabasa, Adrienne Cajayon, and Charles Gener, Alibatta has minted NFT to go alongside their music artists’ songs, a first in Southeast Asia.
“NFTs are digital investments. There is a unique digital signature embedded on the blockchain technology that certifies the originality and owner of the item it represents,” Mabasa said in a statement.
Serving as Alibatta’s chief executive officer, Mabasa is also the growth marketing officer for Southeast Asia at Binance.
Each NFT is distinct among all others in the market, and thus, holds different value from others of its kind. Think of it as an original painting – only one can own the artwork.
The label recently introduced fellow Benildean Ali Young who became the first Filipino singer with tracks on major cryptocurrency exchange player Binance for her debut single “Craving”. The NFT song is available for streaming on Spotify and Apple Music.
In an interview with The Benildean, Mabasa highlighted the opportunity NFT provides to music artists. “[It] allows artists to have better control of their work [because of a] verifiable proof of ownership, [and] it’s a new mode of monetization for artists.”
Meanwhile, fans get a piece of the creation of the artist, according to Alibatta chief innovation officer and artists and repertoire head Gener. Cajayon serves as the company’s chief operating officer.
According to the trio, their classes at De La Salle-College of Saint Benilde inspired them to pursue this new venture.
“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,” said Mabasa.
Alibatta is preparing the launch of Young’s initial EP (extended play) – the first NFT record in the region. They are also planning to organize an immersive show by the end of the year.