The Web3 platform has announced its partnership with global entertainment company Warner Music Group, blockchain network developer Polygon, and interactive platform builder LGND.
The partnership debuted at the beginning of January 2023 on an LGND Music project. It is designed to be a music and collectables platform that supports digital collectables from any blockchain in a proprietary player by making it possible for users to play their digital collectables on the go.
Insiders at Bitcoineer support the initiative of this partnership and collaboration, allowing its users to play their digital collectables on the move and enabling artists to launch digital collectables on both the app and desktop platforms.
It will also support digital collectables from any blockchain in a proprietary player and allow creators to interact with their fans through unique content and curated experiences. The platform will be built on Polygon to offer faster transactions and lower gas fees.
According to LGDN Company, it plans to offer a variety of features that are easy to use for everyone, even those unfamiliar with crypto or digital collectables. This makes it possible for music collectors to participate in a decentralised ecosystem based on full ownership of digital assets.
The company added that “users of the platform will also be able to buy and fully own music tokens and easily get started with digital collectables by building a collection.” CEO of LGND Music, Michael Rockwell, said, “We are beyond thrilled to finally announce this monumental and ground-breaking partnership with Warner Music Group and Polygon.
We've been working for over a year to deliver the best-in-class blockchain experience for passionate music lovers worldwide. We look forward to creative and unique content from all types of WMG artists. With the strong support of the Polygon ecosystem, LGND Music is poised to help evolve the entire music industry.”
LGND music aims to support digital blockchain collectables and allow users to play them according to their preferences. The selected artist will be able to launch collectables through the app and desktop, allowing consumers to enjoy access to specially curated content by their favourite artists. The music platform aims to provide its users with a seamless transaction process.
NFT’s impact on the music industry
For some time now, musicians have been harnessing the power of NFTs to help turn their audience into a loyal community — the potential of music in the Web3 ecosystem seems promising. It’s possible that Web3 will disrupt the music industry and unlock new opportunities for creators and artists to innovate and monetise their content. The CEO of Polygon Studios, Ryan Wyatt, noted that “Web3 has the power to transform the music industry for both artists and fans.
The way we own and experience music is evolving; by fully embracing decentralised technologies and collectables, this exclusive partnership between Polygon, LGND, and WMG represents an exciting milestone for the music industry.
Polygon is proud to power this innovative initiative that will elevate music ownership and bring more music lovers and artists to Web3.” A variety of innovative features will be launched and will offer passionate music collectors a decentralised ecosystem based on full ownership of digital assets.
This partnership comes months after Warner Music Group announced a collaboration with OpenSea to allow selected artists to build and extend their fanbase on the NFT marketplace. Chief Digital Officer & EVP of Business Development of Warner Music Group (WMG), Oana Ruxandra, said, “We are incredibly excited about the ways in which evolving technologies are changing and challenging the music industry. Artists have tremendous untapped potential to interact with their fans and monetise that fandom.
And, as we continue to lean in and drive forward, WMG's partnership with LGND and Polygon will help our artists experiment with and build upon Web3 technologies to grow and engage their communities.” The collaboration will allow users to buy and fully own music tokens with an easy-to-use-on-ramp for users who have yet to become familiar with digital collectables and cryptocurrencies.
Warner Music Group has been active in the Web3 space through its metaverse concert in The Sandbox, partnering with Splinterlands for an arcade game revolving around its artists, and the latest announcement of its partnership with LGND Music. According to Goldman Sachs, by 2030, the global music industry could be worth $131 billion, and a significant portion of that value could be integrated into Web3.
LGND Music couldn't contain its excitement and took to Twitter to announce the partnership, while Warner Music Group shared the same sentiment via its press release. Web3 music platform has the potential to unlock opportunities in the industry for artists and creators to innovate and monetise their content in ways that have not been heard of before. As we celebrate these partnerships, we promise to keep you updated regarding any new developments that have to do with this partnership.
