The major record firm maintains its streak of Web3 alliances by teaming together with a Polygon-based music and collectibles platform.
A multi-year collaboration between the major record label, the Ethereum sidechain network, and the Web3 music startup will allow artists signed to Warner Music Group labels to publish music NFTs through the forthcoming Polygon-based marketplace LGND Music. Launching in January, LGND Music is an online marketplace that will provide songs as NFTs as well as other digital artifacts from performers, which fans can purchase and listen to through the platform.
LGND will have apps for desktops and mobile devices that allow you interact with the NFTs. It will be like iTunes for Web3, and the company says it will also support music NFTs from other platforms.
But Apple’s controversial 30% in-app purchase fee will apply to NFT buys made through LGND’s iOS app, an LGND spokesperson. Warner Music and LGND have not yet revealed which artists would release NFTs through the platform, but WMG’s Spinnin’ Records is a part of the agreement. Spinnin’ Records is a key player in the electronic dance music industry, releasing songs by David Guetta, Tiesto, R3HAB, and Robin Shultz, among others.
Maybe extra than any other genre, electronic dance musicians have embraced crypto and Web3 technology, and Warner’s action merely reinforces this trend. The prominent electronic artists Deadmau5, Steve Aoki, 3LAU, and Dillon Francis are among those who have purchased or sold NFTs and pushed for the technology.
But LGND doesn’t want to force the idea of self on its clients. With self-custody, users hold their own assets in a decentralized wallet like MetaMask. Self-custody is a significant benefit of Web3 for several crypto fans because it would let them keep their own private keys to their assets and avoid centralized risk. Self-custody and crypto wallets can be complicated—or even unnecessary—for mass-market platforms like LGND.
“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,” its website reads.
This year, WMG has developed several Web3 relationships. In February, it signed a deal with crypto game Splinterlands to develop “arcade-style” games based on its artists. In January, it announced plans to bring metaverse concerts and events to The Sandbox. It has teamed with the leading Ethereum NFT marketplace, OpenSea, to assist in bringing artists to Web3.