Warner Music Group, one of the world’s leading music companies, is to move deeper into Web3 by joining forces with Polygon with the launch of LGND Music.
Music non-fungible tokens (NFT) have been an emerging trend following the industry’s integration with Web3 technologies. Giants such as Sony Entertainment have recently added support for NFTs.
Warners Works With OpenSea
WMG is one of the world’s largest music copyright owners and has embraced Web3 and artists’ engagement with fans via a partnership with OpenSea. It has taken a rather innovative approach to shake up the traditional music industry business model.
The latest development sees the WMG Group taking another step to delve deep into the Web3 space.
WMG partnered with Polygon to launch the LGND Music Web3 platform in a multi-year partnership. Expected to launch next year, the collaboration will support digital music collections from any blockchain.
David Guetta and Tiesto Onboard
The LGND Music platform will become a marketplace for artists, fans/listeners. For instance, it would offer songs as NFTs that listeners could purchase. Meanwhile, it would allow WMG artists to launch collectibles on the app and desktops.
The platform has already attracted a big name in Spinnin’ Records. The label is one of the leading dance record labels, boasting a roster of artists such as David Guetta and Tiesto.
Overall, the development can help Web3 bolster its utility aspects across different genres. In this case, the music industry with both fans and artists at the center of this course.
And in related news, media player Winamp has now added music NFTs to its platform.
This will allow users to play their music NFTs with the help of Polygon and Ethereum.
The official blog said: “Winamp supports audio and video files distributed under both the ERC-721and ERC-1155 standards and is launching this new feature for Ethereum and Polygon protocols.”
Source: https://beincrypto.com/warner-music-group-joins-forces-with-polygon-to-create-web3-music-platform/