- Polygon announces partnership with entertainment giant Warner to introduce Blockchain to the industry.
- Users will be able to play purchased digital collectibles, also called “Virtual Vinyls.
Polygon is expanding its list of partnerships and supported sectors and has announced an official partnership to take blockchain into the music industry through NFTs. According to an official announcement, Polygon, Warner Music, and LGND will bring Music NFTs to the Web3 market.
LGND Music, the new digital collectible platform, will officially launch in January 2023. The platform will allow some artists on the Warner Music Group (WMG) label to release digital collectibles to teeming fans worldwide. These creators will also connect with their fan bases via the platform and provide them with exclusive and curated experiences. The new platform promises to be user-friendly as the partnership also intends to target users who might be alien to NFTs, cryptocurrencies, or blockchain technology.
CEO Ryan Wyatt believes that Polygon is well-positioned to spearhead the evolution of music through Web3. According to him:
Web3 has the power to transform the music industry for both artists and fans. The way that we own and experience music is evolving. By fully embracing decentralized technologies and collectibles, this exclusive partnership between Polygon, LGND, and WMG represents an exciting milestone for the music industry. Polygon is proud to be powering this innovative initiative that will elevate music ownership and bring more music lovers and artists to Web3.
According to a Warner Music Group release, LGND Music will have multi-chain functionality and accommodate any collectibles regardless of the originating blockchain. Through an LGND proprietary player, users will be able to play purchased digital collectibles, also called “Virtual Vinyls.” In addition, users will enjoy all of these features along with faster transactions and lower gas fees as provided by the Polygon network.
With a seamless, easy-to-use on-ramp, you can buy & own music tokens, even if you’re not familiar with digital collectibles.
Rolling out in Jan 2023 and collaborating w/ the world’s leading dance record label, @SpinninRecords 🕺
— Polygon – MATIC 💜 (@0xPolygon) December 6, 2022
At the moment, the partners have yet to specify which WMG artists will be among the select few to provide fans with special experiences on LGND Music. However, a Polygon tweet specifies that Spinnin’ Records, a dance label under the WMG umbrella, will be a part of LGND Music.
Music and Blockchain
As blockchain adoption and use cases increase, players in the music industry seek out new ways to improve their offerings via new technology. In January, WMG announced a partnership with The Sandbox gaming metaverse to create a concert venue and musical theme park in the game. The announcement specified that WMG artists would be able to interact with fans and make digital appearances in The Sandbox metaverse. The collaboration not only creates a new form of entertainment for music lovers worldwide, but also opens a new income stream for artists.
Furthermore, there is a growing list of popular music artists in the metaverse and NFT space. Last year Grammy-winning American rapper Eminem launched an NFT collection
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