certify
Home arrow Article arrow Article Detail

WMG team up with OpenSea to expand Web3 opportunities 

Profile Image

Indrani bose Follow

INDIA

Oct, 03 2022

Oct, 03 2022

likes | comments 0

Article Image

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. 


likes | comments 0

Profile Image

Indrani bose

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Avalanche to Boost Alibaba Cloud Services in Asia

A division of Alibaba, the world's largest e-commerce corporation, Alibaba Cloud, plans to upgrade its cloud infrastructure technology to support Alibaba Node-as-a-Service...;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.