Warner Partners With OpenSea to Expand Music NFT Ecosystem
Warner Music Group is partnering with OpenSea to provide artist-related NFT drops. This partnership is aimed at helping “select WMG artists” foster 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 pages on OpenSea according to the deal. This feature will allow them to offer limited edition projects and further foster their relationship with fans.
WMG artists would receive early access to OpenSea’s new drops product. Both companies hope his partnership to increase artists’ discoverability and foster higher engagement by enabling personalized storytelling.
Fundamental to music’s DNA, is community – it’s artists and fans coming together to celebrate the music that they love. Our collaboration with OpenSea helps to 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 collection related to the partnership.
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Music NFTs on the Rise
Despite a tremendous loss of volume in the NFT sector this year, 2022 has seen a deluge of new partnerships. Recently, a crypto mining company launched its unique “Greedy Machines” NFT collection.
Furthermore, companies coming from older sectors are trying to get in on the action as well. At the beginning of September, LG launched its own NFT marketplace “LG Art Lab” for its smart TVs. As evident by today’s partnership between WMG and OpenSea, the music industry is also very keen on expanding its Web3 presence.
On September 20th, the International NFT Day, Snoop Dog partnered 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.
Do you think NFTs will become a standard companion to new music releases? Let us know in the comments below.