WMG team up with OpenSea to expand Web3 opportunities
WMG?teamed up?with OpenSea?to expand?Web3 opportunities for artists. This platform will enable artists to?build and extend their fanbase in the Web3 community.
The nonfungible token (NFT) marketplace OpenSea and global music and entertainment company Warner Music Group (WMG) announced their partnership agreement on September 29.
In order to provide a platform for a few musical artists to build and extend their fanbase in the Web3 community, nonfungible token (NFT) marketplace OpenSea and global music and entertainment company Warner Music Group (WMG) announced their partnership agreement on September 29.
In order to enable musicians to interact with their fan base using NFTs, WMG?teamed up?with OpenSea. The chosen artists will have access to a brand-new "drops product," gain more exposure, and have unique landing pages on the OpenSea website. Additionally, OpenSea is providing WMG artists with "special support," a feature that is not available to all platform content creators. Fans will have more opportunities to interact with the artists they love when they are given a "special drop page to host limited-edition projects" by WMG for the artists they choose. The UK division of Warner Records is working with Probably Nothing to build the first collection that WMG anticipates releasing on the OpenSea platform.
In addition to providing artists with a mechanism to get direct royalties from their works, traditional music firms entering the web3 space more openly could be seen as a turning point for the acceptance of NFT.
According to a WMG news release, the agreement would enable artists signed to the label to construct distinctive NFT drop pages to interact with fans and develop an online community. When a fan buys an NFT from an artist, they have the chance to participate in limited-edition projects or communicate with the artist directly.
WMG has previously entered the Web3 market. The music label and the tech firm Genies collaborated last year to develop digital NFT wearables and avatars for WMG artists. To enable artists and creators to take part in NFT swaps, WMG teamed with the digital collectibles marketplace Blockparty earlier this year.
Other firms encouraged the use of NFTs and entering the Web3 market
There has been a strong push to use NFTs to connect artists and fans in the larger music industry. The NFT platform Curio was used by Universal Music Group UMG, +3.38% in February to produce digital assets. Spotify SPOT, -0.62% revealed in May that it was developing a new tool that would allow musicians to advertise NFTs on their profiles. After submitting a trademark application with the U.S. Patent and Trademark Office in August, Sony Music Entertainment hinted at plans to employ NFTs to verify live music recordings.
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