Popular e-commerce and interactive platform developer LGND recently announced a long-term partnership with global entertainment company Warner Music Group (WMG) and leading blockchain network developer Polygon Companies to build a Web3 music platform called LGND Music. This latest collaboration between LGND, Polygon, and Warner Music Group follows the announcement of a partnership between WMG and OpenSea to allow musical artists to build and expand their fanbase on the NFT marketplace.
What is the Web3 Music Platform About?
LGND Music, a creative and collectibles platform slated to launch in January 2023, is built to allow virtual collectibles from any blockchain in a proprietary player, enabling users to enjoy their digital collectibles, also known as “Virtual Vinyls,” anywhere they go. The platform will be based on the Polygon blockchain, providing cheaper gas fees and faster transaction speed. The collaboration will allow WMG artists to launch their digital collectibles on both desktop and application platforms, giving fans the rare opportunity to enjoy special content and interact with their favorite creators.
Speaking at the announcement of the partnership, CEO of LGND Music, Michael Rockwell, noted that the partnership would provide the best blockchain experience for music lovers across the globe. He also stated that LGND Music is set to revolutionize the whole music industry in ways never seen before. The Chief Digital Officer and EVP of Business Development of WMG, Oana Ruxandra, stated that the partnership would allow digital creators to utilize Web3 technologies and grow and connect with members of their communities while monetizing their fandom. Ryan Wyatt of Polygon Studios noted that Web3 had the potential to change the music industry for creators and fans, and the partnership represented a remarkable milestone for the music industry.
LGND Music intends to provide a range of amazing features that enable music collectors to partake in a decentralized ecosystem based on complete ownership of digital assets. The platform will be easy to use, even for persons who are unfamiliar with cryptocurrencies or digital collectibles. Participants will also be able to acquire and fully own music tokens as well as easily get started with virtual collectibles by building a collection.
The integration of music into the Web3 space holds a lot of potential. For a while now, musicians have been taking advantage of the powers of NFTs to transform their fan bases into loyal communities. Artists and creators will be able to sell their music NFTs to their fans while maintaining the right to make changes to musical content. They would also have complete discretion over the way buyers utilize their music.
Web3 music platforms, like LGND, have the power to disrupt the music ecosystem and launch fresh opportunities that allow artists and creators to innovate and monetize their content. According to the popular financial firm Goldman Sachs, the global music industry is estimated to be worth $131 billion by 2030. A major part of that sum could be incorporated into the Web3 ecosystem.
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