LGND joins forces with Warner Music and Polygon to launch Music NFT platform by DailyCoin
© Reuters. LGND joins forces with Warner Music and Polygon to launch the Music NFT platform- LGND, Polygon and Warner Music Group have entered into a multi-year partnership to develop LGND music.
- The platform will support digital music collectibles from any blockchain in a proprietary player.
- Music collectors will have the opportunity to engage in a decentralized ecosystem.
- Users can purchase and fully own music tokens on the platform.
- LGND will develop its music platform on Polygon to take advantage of lower gas fees and faster transactions.
- Over time, Polygon has partnered with a number of companies to expand its ecosystem.
Popular blockchain infrastructure developer Polygon has entered into a multi-year partnership with LGND, a blockchain-based interactive e-commerce platform, and Warner Music Group (WMG), a renowned entertainment company, to develop a Web3 music platform, LGND music.
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A new era in the music industry @LGND_music announced a multi-year partnership with @warnermusic and Polygon for a new collaborative digital aggregator platform, LGND Music pic.twitter.com/MrdJ4fR8mS
— Polygon – MATIC (@0xPolygon) December 6, 2022
According to reports, the music platform is designed as a music and collectibles platform aimed at supporting digital collectibles from any blockchain in a proprietary player. This makes it easy for users to play their digital collectibles.
LGND Music, as reported, will be wrapped with a number of features. This paves the way for music collectors to engage in a decentralized ecosystem and will help improve the interaction between creators and their fan base using special content and curated experiences. Furthermore, according to a statement from LGND, the new platform will enable users to purchase and fully own music tokens.
The trio aims to launch the platform next month. Due to the collaboration, artists belonging to Warner Music Group will be eligible to launch their digital collectibles on LGND music’s app and desktop platforms.
According to the announcement, LGND will develop its music platform on Polygon. Thus, it will allow the music NFT platform to take advantage of lower gas fees and faster transactions.
Polygon is expanding its ecosystem with a number of partnerships
Over time, Polygon has continued to partner with a number of companies to expand its ecosystem. Recently, Polygon partnered with a leading Indian e-commerce company, Flipkart. As announced, the partnership created a Blockchain e-commerce Center of Excellence (CoE).
A few months ago, it integrated Graph, a decentralized platform for Web3 data indexing, into its network. Due to this development, Graph added support for Polygon, thereby allowing users to rely on fully decentralized APIs to power their decentralized applications (dApps).
As of press time, Polygon hosts many dApps, including Aave, v3, OpenSea, and many more. More so, firms such as Adobe (NASDAQ: ), Stripe and Robinhood (NASDAQ: ) are relying on the network to exploit the potential of the new web3 space.
On the other side
- This is not the first time WMG has participated in the Web3 area. Earlier, the firm announced a partnership with OpenSea to allow select musicians to expand their fan base on the NFT market.
Why you should care
Warner Music Group is huge in the entertainment and record label industry. The latest development shows yet another attempt by major players in the crypto space to mark their presence in music, which could pave the way for more adoption.
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