Warner Music Group is collaborating on a new Web3 project, LGND Music, which launches in early 2023.
The major has teamed with LGND.io, which powers e-commerce and interactive platforms, and blockchain developer Polygon Companies.
It will include a collaboration with dance label Spinnin’ Records, which is already active in the Web3 space.
LGND Music will support digital collectibles from any blockchain in a proprietary player, allowing consumers to play their digital collectibles, or ‘Virtual Vinyls’, on the go. Through the partnership, select WMG artists will launch digital collectibles on both the app and desktop platform to enable fans to enjoy special content and experiences.
“We are beyond thrilled to finally announce this monumental and ground-breaking partnership with Warner Music Group and Polygon,” said Michael Rockwell, CEO of LGND Music. “We’ve been working for over a year to deliver the best-in-class blockchain experience for passionate music lovers all over the world, and look forward to innovative and unique content from all types of WMG artists. With the strong support of the Polygon ecosystem, LGND Music is poised to help evolve the entire music industry.”
Oana Ruxandra, chief digital officer & EVP, business development, WMG, said: “We are incredibly excited about the ways in which evolving technologies are changing and challenging the music industry. There is tremendous untapped potential for artists to interact with their fans and to monetise that fandom. And, as we continue to lean in and drive forward, WMG’s partnership with LGND and Polygon will help our artists to experiment with and build across Web3 technologies in order to grow and engage their communities.”
CEO of Polygon Studios, Ryan Wyatt, added: “Web3 has the power to transform the music industry for both artists and fans. The way that we own and experience music is evolving, by fully embracing decentralised technologies and collectibles, this exclusive partnership between Polygon, LGND and WMG represents an exciting milestone for the music industry. Polygon is proud to be powering this innovative initiative that will elevate music ownership and bring more music lovers and artists to Web3.”
LGND Music will launch a variety of features, offering music collectors a decentralised ecosystem based on full ownership of digital assets.