January 27, 2023
A Partnership Between Warner Music, Polygon, And LGND To Launch The Web3 Music Platform

A Partnership Between Warner Music, Polygon, And LGND To Launch The Web3 Music Platform

LGND, an e-commerce and interactive platform developer, has announced a multiyear collaboration with blockchain network developer Polygon and global entertainment company Warner Music Group to create LGND Music, a Web3 music platform.

LGND Music, which is set to launch in January 2023, is a music and collectibles platform that will endorse “digital collectibles from any blockchain in a proprietary player,” allowing users to enjoy their digital collectibles on the go.

Select Warner Music Group artists can launch digital collectibles on the app and desktop platforms due to the partnership. Creators will also be able to interact with their fans through curated experiences and special content. The platform, built on Polygon, will have lower gas fees and faster transactions.

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LGND Music intends to provide a number of features that will allow music collectors to participate in a decentralized ecosystem based on full ownership of digital assets. “Users of the platform will also be able to buy and fully own music tokens and quickly get started with digital collectibles by building a collection,” said the company. It will be simple to operate, even for users unfamiliar with cryptocurrencies or digital collectibles.

The potential for Music to incorporate into the Web3 ecosystem appears promising, and musicians have long used nonfungible tokens to convert their audiences into dedicated communities.

Web3 music platforms can destabilize the music industry by opening up new avenues for creators and artists to innovate and monetize their work. According to Goldman Sachs, the worldwide music industry could be worth $131 billion by 2030, with a significant portion of that being incorporated into Web3 environments.

Warner Music Group’s latest collaboration, LGND Music, comes just months after the company announced a partnership with OpenSea to help select musical artists build and expand their fanbase on the NFT marketplace.

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