Developer of e-commerce platforms, LGND has partnered with Polygon and Warner Music for a multi-year partnership. The collaboration aims to jointly launch the “LGND Music” digital collectible music platform.
In January 2023, the web3 music service LGND Music is scheduled to debut. According to information provided by LGND Music, the platform will enable users to buy or listen to any NFT music from any platform. According to the information, the first music NFTs will be introduced in January in partnership with Spinnin’ Records, one of the top dance record labels in the world.
LGND music will let select Warner Music artists launch digital collectibles
The collaboration on both the app and desktop gateways will enable a select group of Warner Music Group artists to launch digital collectibles. Through unique content and interactions, these artists will also be able to engage with the fans.
The platform will be constructed on top of Polygon, which will guarantee lower gas costs, quicker transactions, and an environment that is open, permissive, and sustainable. Recently, some of the top media companies partnered with Polygon, the Layer-2 scalability platform for Ethereum. Polygon also enrolled in Disney’s Accelerator Program in July 2022.
A number of artists have released their NFTs, which indicates that music and Web3 have intriguing potential. Snoop Dogg and other musicians have long supported Web3 technology.
The way that music is played and interpreted is likely to change as a result of web3 music platforms. Additionally, it will give artists more options for making money from their work.
Web3 music platforms have the potential to upend the music business and open up new avenues for innovators and artists to monetize their work. According to Goldman Sachs, the global music market could be worth $131 billion by 2030, with a sizable chunk of that potentially being incorporated into Web3 environments.
This year, WMG established a number of Web3 alliances. In February, it announced a deal with the cryptocurrency game Splinterlands to create “arcade-style” games based on its artists.
In January, it revealed plans to bring metaverse concerts and events into The Sandbox. To assist in bringing artists to Web3, it also collaborated with the leading Ethereum NFT marketplace OpenSea.