Another major company has joined the blockchain fam this week after Warner Music Group (WMG), one of the world’s largest global entertainment and records companies in the world, sealed a deal with OpenSea.
The collaboration will see WMG’s artists utilise NFTs to build deeper relationships between fans and musicians. Artists will be able to create unique NFT drop pages and fans will have a chance to access limited-edition offerings.
“Fundamental to music’s DNA is community — it’s artists and fans coming together to celebrate the music that they love. Our collaboration with OpenSea helps to facilitate these communities by unlocking Web3 tools and resources to build opportunities for artists to establish deeper engagement, access and ownership,” said Oana Ruxandra, Chief Digital Officer of WMG in a press release.
“For artists and musicians, NFTs represent a new creative medium and a mechanism to build community, engage directly with fans and express themselves across borders and languages,” said Shiva Rajaraman, OpenSea’s Vice President of Product.
“I’m thrilled [that Warner Music Group] understands the significance of the technology and wants to use it for good — to empower artists to own their fan connections directly. We’re excited to provide the support and infrastructure to help welcome the Warner family of artists into the exciting NFT ecosystem.”
WMG Moves Aggressively Into Web3
The OpenSea partnership is a part of a long string of news announcements from WMG this year who has been moving progressively deeper into the Web3 space.
Last year, the firm partnered with Genies to create avatars and digital NFT wearables for WMB artists, before partnering with Blockparty — a digital collectible platform — to enable artists and creators to engage in NFT swaps.
In January this year, it also partnered with The Sandbox to create the first music-themed world in the metaverse and provide access to concerts and musical experiences featuring WMG’s roster of artists.
A month later, the group partnered with blockchain gaming developer Splinterlands to allow artists to develop play-to-earn, arcade-style blockchain games.
Splinterlands was designed to enable players to trade, sell or lease anything earnedearnt in the game and has more than 1.8 million users registered. Blockchain gaming has shown no signs of slowing down despite the bear market — according to DappRadar, user activity on blockchain gaming decentralised applications (dApps) surged in September.
Universal Music Group’s executive vice president of digital strategy stated that Web3 will enable artists and labels to access new types of products at a time when streaming has created new challenges for creative industry participants.
The group’s impressive roster of artists includes Dua Lipa, Ed Sheeran, Red Hot Chili Peppers, David Guetta, Aretha Franklin, Avril Lavigne, Thelma Plum and more.
As WMG ventures further into the world of NFTs, other companies are looking to turn the existing model on its head. One such company is Serenade, an Aussie-owned business that recently made history with pop sensation Muse when its NFT album listed on UK and Australian charts.