WMG partners with Polygon blockchain and LGND Music to develop “Virtual Vinyl” NFTs
The collection is set to come out in January 2023
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Global entertainment company Warner Music Group partners with Polygon blockchain and LGND Music to develop a “Virtual Vinyl” digital collection.
LGND Music is an innovative collectibles platform that currently functions in Beta and will officially launch in January 2023.
The partnership will enable fans to purchase NFTs of music released by selected artists from Warner Music’s Spinnin’ Records label. Polygon blockchain will offer fast transactions and low gas fees, making the process easy and sustainable.
In practical means, the platform will function as an NFT music player. NFT ownership will grant holders access to their favorite music, experiences, and artists. Notably, LGND Music plans to make the collectibles available for desktop and mobile devices, so users can listen to their favorite tracks using any platform.
“We are incredibly excited about the ways in which evolving technologies are changing and challenging the music industry. There is tremendous untapped potential for artists to interact with their fans and to monetize that fandom. And, as we continue to lean in and drive forward, WMG’s partnership with LGND and Polygon will help our artists to experiment with and build across Web3 technologies in order to grow and engage their communities,”said the Chief Digital Officer at Warner Music Group, Oana Ruxandra.
On a side note, the companies signed a multi-year partnership, so music lovers can expect more releases coming in the future. Fans can now sign-up to the LGND Music platform to receive early access and updates.
The partnership is not WMG’s first step into the web3 space. In September, Warner Music Group partnered with NFT marketplace OpenSea to expand web3 opportunities for artists and their fans. Before that, the company collaborated with audio equipment company Bose and Jeremy Fall’s project Probably Nothing to release an NFT collection.
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