American multinational music conglomerate, Warner Music Group [WMG] joined hands with New York-based digital collectibles platform Blockparty. According to the official announcement by Blockparty, the deal will grant WMG artists and songwriters access to NFTs. It also claims to have created “a new class of digital collectibles across art, music, and sports” which it says will “enable users to share and earn value together”.
In accordance with the press release, the partnership would facilitate Warner Music Group artists to use Blockparty’s decentralized exchange [DEX], as a “community-focused trading platform that allows collectors to swap digital assets in a way that hasn’t existed until now” and that those creators will have the opportunity to participate in NFT swaps.
Besides that, the trading platform explained that those using the DEX have the option to “bundle-sell their NFTs”, where they can combine existing NFTs to swap, trade, or sell. It further claims that by eliminating the middleman, creators, artists, collectors and fans alike can now connect directly through this ‘unique experience.’ For the record, Blockparty’s first NFT drop will start with Warner Music Finland artist STIG, who’s soon to release a series of NFTs.
Speaking on the partnership, Vladislav Ginzburg, CEO of Blockparty noted,
“We’re elated to be working with Warner Music Group, a company that continues to sit on the edge of technological and entertainment-based innovation. We look forward to tapping into our expertise and creativity as we work with individual artists to ensure they have all of the tools they need to participate in Web3 and do so in ways that are unique to them, their brand and their communities. Early access to our DEX will give Warner Music Group artists the ability to both expand their audience to reach Web3 enthusiasts, and foster deeper connections with their existing community by amplifying fan experiences.”
Warner Music Group and Co cashing in on the NFT space
As the NFT and blockchain market heats up this winter, the leading music labels have been eyeing the digital token market as a potential long-term revenue generator as they sort their strategies to cash in on the action.
Notably, in April 2021, WMG forged a partnership with one of the world’s largest avatar technology firms Genies to create avatars and digital wearable NFTs for WMG artists. Several months later another prominent music record firm became the latest entrant into the NFT scene. TronWeekly had reported on Dutch music giant Universal Music Group [UMG] unveiling the new NFT band ‘Kingship’ in November 2021.