Record label and entertainment conglomerate Warner Music Group wants to bring artists and their communities into the opportunities offered by Web3.
Warner Music Group, one of the biggest music brands, and Opensea, the largest NFT marketplace, have announced a collaboration to provide artists with access to Web3 opportunities and enable them to create new ways to connect with their audiences and fans through blockchain and NFTs.
This collaboration will allow Warner Music Group, with more than 60 years in the music industry, to provide its artists with a digital platform for NFT music, where they can build and expand their fan communities with a Web3 approach.
The collaboration will also give the label early access to OpenSea's new drops product, the company said in a statement.
On the new platform, Warner Music Group artists will be able to have their own release space to host limited-edition projects. This will open up new opportunities to engage artists more directly with their fans, while fans become more engaged with the music.
NFTs and Web3 in the DNA of music
Warner Music Group chief digital officer and executive vice president of business development Oana Ruxandra noted that artist and fan communities are central to the DNA of music. Now it seems that so are technological advances such as NFTs and Web3, which have the potential to create new opportunities for artists and fans to “establish a deeper engagement of access and ownership,” Ruxandra said.
For his part, Opensea's VP of Product, Shiva Rajaraman, said of their partnership with the record label that non-fungible tokens currently represent a new tool and creative medium for artists to build communities; as well as being an innovative way to showcase their talent, while protecting their rights or property.
“We are excited to provide the support and infrastructure to help welcome the Warner family of artists into the exciting NFT ecosystem.”, Rajaraman said in the statement.
The record label said that The first collection of music NFTs is in development. This collection is currently being worked on by Warner Records UK in collaboration with Web3 label, Probably Nothing.
Warner Music Group delves deeper into the NFT world
It should be noted that this is not Warner Music Group’s first foray into the blockchain ecosystem.
In February, the record company signed a Deal with blockchain game developer Splinterlands to allow artists to create their own digital games. This partnership included building NFT games or games based on the play-to-earn mechanic, which became popular last year with Axie Infinity.
Warner Music Group also partnered with The Sandbox metaverse, purchasing a virtual plot of land earlier this year.
The company said it plans to build a space entirely dedicated to music, with a theme park, party rooms, digital concert stages and more. Warner Music said at the time that its virtual world in The Sandbox would serve to connect fans with their favorite artists, while offering new immersive experiences that revolutionize the music industry.
The record label's artists have also collaborated with other non-blockchain metaverses, such as Fortnite.
The record label and entertainment conglomerate say they will continue to collaborate with leading Web3 players to further develop the music company's experience within this growing space.
Continue reading: Warner Music Group and Splinterlands collaborate to bring artists and musicians into the NFT world
