- Polygon Labs and Warner Music Group have entered a strategic partnership.
- The collaboration will seek to promote music oriented startups.
New York-headquartered multinational entertainment and record label conglomerate Warner Music Group (WMG) has collaborated with Polygon Labs to roll out a music accelerator program that integrates the best of blockchain technology in the music industry. The project is focused on onboarding the next generation of blockchain music projects and Decentralized Applications (DApps) on the Polygon network.
On Twitter, Polygon described the collaboration as a “partnership designed to accelerate the next generation of music devs building #onPolygon.”
Bolstering creativity in music through new technology💽@warnermusic & Polygon Labs Web3 Music Accelerator – a partnership designed to accelerate the next generation of music devs building #onPolygon
More: https://t.co/P5g9bXTEEj pic.twitter.com/zPar0AvT30
— Polygon (Labs) (@0xPolygonLabs) June 28, 2023
Springboard for Music Startups
Application is currently open and based on the press release, only companies and entrepreneurs operating at the intersection of music, technology and Web3.0 are eligible to apply. Noteworthy, these applicants must be able to show a strong enthusiasm for the future of music as well as come up with creative ideas that can outlive their conceptualization stage. All of their competitive and outstanding projects will be implemented in the Layer-2 scaling solution.
These companies should be keen on developing artist-fan communities, establishing decentralized music production and distribution systems, innovating ticketing solutions, exploring music-related merchandise and digital/physical collectibles and integrating music with interactive technology and gaming. Every applicant will be required to pitch their projects while demonstrating proof of traction with a detailed explanation of how they intend to utilize the funds.
Successful applicants and their projects will receive funding from the duo; WMG and Polygon Labs. Additionally, they will gain exclusive access to mentorship, networking opportunities, check-ins, strategic advising, connection creation, and marketing and promotion from experts in both the music and blockchain industries. Ryan Wyatt, the president of Polygon Labs emphasized that the program was designed to inspire a new innovative era in the music and entertainment ecosystem.
At the end of every quarter, successful applicants of the music accelerator program will be required to provide updates, review progress, and receive strategic advice to WMG and Polygon Labs. Oana Ruxandra, Chief Digital Officer and EVP, Business Development at WMG suggested that this alliance with Polygon is part of the company’s aim of allowing “its artists and songwriters to build, activate, engage, and monetize their communities in this next era of music creation and consumption.”
Polygon Bags Multiple Partnership Deals Across Different Industries
It is worth noting that this collaboration comes barely a week after Polygon introduced a new open database dubbed The Value Prop which highlights the different positive use cases of blockchain technology.
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From the design of this solution and its current capacity, it is evident that the use cases of blockchain and Web3.0 are enormous. So far, Polygon has partnered with companies across several industries, especially those considering the integration of Web3.0 technology.
Earlier this month, Polygon partnered with FIFA and EA Sports to launch Nike Non-fungible tokens (NFTs) to games. A few days before that, renowned telecommunication company Deutsche Telekom inked a partnership deal with Polygon. The groundbreaking partnership is designed to make Deutsche Telekom one of the 100 validators on the Polygon Proof of Stake (PoS) network.
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