Warner Partners With OpenSea to Expand Music NFT Ecosystem – Tokenist

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Neither the creator, Tim Fries, nor this web site, The Tokenist, present financial advice. Please consult our web site policy prior to making monetary choices.

Warner Music Group is partnering with OpenSea to offer artist-related NFT drops. This partnership is aimed toward 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 shall be provided with their own Drop pages on OpenSea according to the deal. This characteristic will allow them to offer limited version tasks and further foster their relationship with followers.

WMG artists would obtain early entry to OpenSea’s new drops product. Both corporations hope his partnership to increase artists’ discoverability and foster greater engagement by enabling customized storytelling.

Fundamental to music’s DNA, is neighborhood – it’s artists and followers coming together to rejoice the music that they love. Our collaboration with OpenSea helps to facilitate these communities by unlocking Web3 instruments and sources to construct alternatives for artists to establish deeper engagement, entry, and possession.

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 referred to as Probably Nothing on the primary NFT collection related to the partnership.

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Music NFTs on the Rise

Despite an incredible loss of quantity in the NFT sector this 12 months, 2022 has seen a deluge of recent partnerships. Recently, a crypto mining company launched its unique “Greedy Machines” NFT collection.

Furthermore, corporations coming from older sectors are trying to get in on the action as well. At the start 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 business is also very keen on increasing its Web3 presence.

On September 20th, the International NFT Day, Snoop Dog partnered with Method Man of the Wu-Tang Clan to launch a brand new song by way of the TuneGo platform to celebrate the occasion. Furthermore, Muse turned the first band to prime the UK charts with an NFT album.

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Do you suppose NFTs will turn into a regular companion to new music releases? Let us know in the feedback below.

About the author

Tim Fries is the cofounder 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 on the funding staff at RW Baird’s US Private Equity division, and can additionally be the co-founder of Protective Technologies Capital, an funding firm specializing in sensing, safety and control options.

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