Warner partners with OpenSea to expand the Music NFT Ecosystem
Warner Music Group partners with OpenSea to provide artist-related NFT drops. This partnership is aimed at helping “selected WMG artists” promote their fan communities using Web3 tools.
WMG partners with OpenSea to provide artists with an NFT Drop platform
Artists signed with Warner Music Group will be provided with their own Drop sites on OpenSea as per the agreement. This feature will allow them to offer limited edition projects and further promote their relationship with fans.
WMG artists will get early access to OpenSea’s new drops product. Both companies hope that his partnership will increase artists’ visibility and promote higher engagement by enabling personal storytelling.
Fundamental to music’s DNA is community – it’s artists and fans coming together to celebrate the music they love. Our partnership with OpenSea helps facilitate these communities by unlocking Web3 tools and resources to build opportunities for artists to establish deeper engagement, access and ownership.
Oana Ruxandra, Chief Digital Officer & EVP, Business Development, WMG
At the time of the announcement, Warner Records UK was already working with a Web3 company called Probably Nothing on the first NFT compilation related to the partnership.
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Music NFTs on the rise
Despite a huge loss of volume in the NFT sector this year, 2022 has seen a flood of new partnerships. Recently, a crypto mining company launched its unique “Greedy Machines” NFT collection.
Furthermore, companies coming from older sectors are also trying to get in on the action. At the beginning of September, LG launched its own NFT marketplace “LG Art Lab” for its smart TVs. As evidenced by today’s partnership between WMG and OpenSea, the music industry is also very keen to expand its Web3 presence.
On September 20, International NFT Day, Snoop Dog teamed up with Method Man of the Wu-Tang Clan to release a new song through the TuneGo platform to celebrate the occasion. Furthermore, Muse became the first band to top the UK charts with an NFT album.
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Do you think NFTs will become a standard companion to new music releases? Let us know in the comments below.
About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
