Warner Music, Polygon and LGND.io partner to launch Web3 music platform
E-commerce and interactive platform builder LGND.io has announced a multi-year partnership with blockchain network developer Polygon and global entertainment company Warner Music Group to create a Web3 music platform called LGND Music.
LGND Music, scheduled to launch in January 2023, is designed to be a music and collectibles platform that supports “digital collectibles from any blockchain in a proprietary player,” thereby making it possible for users to play their digital collectibles on the go.
The partnership will allow select Warner Music Group artists to launch digital collectibles on both the app and desktop platforms. Creators will also be able to interact with their fanbase via special content and curated experiences. The platform will be built on Polygon and offer lower gas fees and faster transactions.
LGND Music plans to offer a variety of features, making it possible for music collectors to participate in a decentralized ecosystem based on full ownership of digital assets. According to the company, “users of the platform will also be able to buy and fully own music tokens and easily get started with digital collectibles by building a collection,” and will be easy to use even for users who are unfamiliar with cryptocurrencies or digital collectibles.
The potential for music to integrate within the Web3 ecosystem seems promising. Before the establishment of Web3-based music platforms like LGND Music, musicians were tapping into the power of nonfungible tokens to transform their audiences into loyal communities.
The rise of a Web3-based platform dedicated to music could potentially disrupt the entire music industry and unlock new opportunities for creators and artists to innovate and monetize their creations. Goldman Sachs has forecast that the global music industry could be worth $131 billion by 2030; a significant portion of that could be integrated into Web3 environments.
Warner Music Group’s latest collaboration to create LGND Music comes months after it announced a partnership with OpenSea to allow select musical artists to build and extend their fanbase on the NFT marketplace.