Music record label Warner Music Group has teamed up with LGND Music – an upcoming marketplace on Polygon – to allow signed artists to sell music NFTs. Also included in the deal is the dance record label Spinnin’ Records, a popular platform in electronic dance.
”We are beyond thrilled to finally announce this monumental and ground-breaking partnership with Warner Music Group and Polygon,” remarked Michael Rockwell, the CEO of LGND Music, in a statement dated December 6. ”We have been working for over a year to deliver the best-in-class blockchain experience for passionate music lovers all over the world,” he added.
LGND is planning to go live in January 2023 as a digital marketplace that sells songs as NFTs – where users can buy and listen to them on the platform. The Web3 startup will also feature desktop and mobile NFT apps and offer support for music NFTs from other companies.
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Polygon Welcomes The Deal As An Evolution In The Music Industry
Polygon Studios CEO Ryan Wyatt thinks the new partnership is the right step in the music industry. In a statement, Wyatt said, ”the way that we own and experience music is evolving by fully embracing decentralized technologies and collectibles.”
According to its website, LGND is a platform that lets users collect, own, and trade music. The company features Music digital collectibles or Virtual Vinyl – a high-resolution audio that aims to allow for actual music ownership. The e-commerce platform also aims to let fans own music tokens and work with digital collectibles.
On the other hand, WMG has entered into several partnerships relating to Web 3.0 in 2022, including one with the Sandbox that seeks to launch metaverse concerts and events in the blockchain. The music record label also signed a partnership with the Ethereum NFT marketplace OpenSea to allow artists sell their content on the platform.
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