Record label conglomerate Warner Music Group (WMG) partnered with LGND.io and Polygon Companies to launch LGND music. Through the platform, songs and other digital collectibles called “Virtual Vinyl” will be offered as NFTs. LGND will launch in January 2023, starting with WMG dance record label Spinnin’ Records.
Aside from allowing fans to trade music ownership, Virtual Vinyl will also support live ticketing, rewards, and exclusive access to additional features. The music made available on the LGND platform will also support Ethereum and WAX blockchain users, apart from those in the Polygon ecosystem.
WMG’s work in web3 dates back to 2019 when the company led an investment of $11 million in Dapper Labs, a blockchain game and NFT developer. In April, Warner announced a deal with Proof of Attendance Protocol (POAP) to create digital memento NFTs for music events. Over the last year, Warner Music has had an expanding presence in the blockchain games sector, with initiatives including partnering with ‘The Sandbox’ metaverse to create a virtual musical theme park, and a blockchain deal with NFT and play-to-earn game Splinterlands.
However, the latest LGND deal goes to the core of Warner Music’s business model – selling tracks.
“The way that we own and experience music is evolving. By fully embracing decentralized technologies and collectibles, this exclusive partnership between Polygon, LGND, and WMG represents an exciting milestone for the music industry,” said Ryan Wyatt, CEO of Polygon Studios.
His sentiment echoes the growing interest in web3 music platforms. Audius, a blockchain protocol that serves as a digital streaming service, currently hosts close to 5 million unique users per month and features 250,000 artists on its platform. Acknowledging the importance of building communities for artists in different mediums, WMG collaborated with NFT marketplace OpenSea in September 2022 to enable artists to have dedicated pages for NFT drops. One of Warner’s biggest competitors, Universal Music, is also embracing web3.