Warner Music Group Partners with LGND Music to Release Polygon Music NFTs
Warner Music Group and the Web3 music company today announced a multi-year cooperation that would let artists registered to its labels to issue music NFTs through the future Polygon-based marketplace LGND Music.
LGND Music is an online marketplace, scheduled to debut in January, which will provide songs as NFTs that fans may buy and listen to through the platform, along with other digital collectibles from Warner Music artists and musicians.
LGND will provide desktop and mobile apps for engaging with the NFTs, similar to an iTunes-like experience for Web3, and the business claims it will also support music NFTs from other platforms.
Warner Music and LGND have yet to reveal which artists will release NFTs via the platform, although WMG's popular label Spinnin' Records is included in the contract. Spinnin' Records is a key player in the electronic dance music industry, having released recordings by musicians like David Guetta, Tiesto, R3HAB, and Robin Shultz.
Electronic dance musicians have undoubtedly leaned more heavily on crypto and Web3, and Warner's move only serves to reinforce that trend. Among the largest electronic musicians that have bought or sold NFTs and pushed for the technology are Deadmau5, Steve Aoki, 3LAU, and Dillon Francis.
“LGND Music will never force you to connect a cryptocurrency wallet to explore the platform, and will keep all your assets safe in your collection,” LGND Website reads.
In a statement, Polygon Studios CEO Ryan Wyatt noted that the company's collaboration with WMG and LGND is an "exciting milestone for the music industry."
“The way that we own and experience music is evolving, by fully embracing decentralized technologies and collectibles,” Wyatt added.
This year, WMG has secured a number of Web3 agreements. In January, it announced efforts to integrate metaverse concerts and events into The Sandbox, and in February, it announced a partnership with crypto game Splinterlands to create "arcade-style" games based on its artists. It also collaborated with Web3 media group Probably Nothing to launch a Web3 Music Label.