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As a result of the deal, artists on WMG will be able to produce and distribute NFTs that facilitate fan reach across immersive platforms and metaverses.
The US major music company Warner Music Group (NASDAQ: WMG) has collaborated with avatar technology company Genies in order to develop avatars and non-fungible tokens (NFTs) for WMG’s artists.
— Warner Music Group (@warnermusic) April 30, 2021
According to the press release, as a result of the deal, artists on WMG will be able to produce and distribute NFTs that facilitate fan reach across immersive platforms and metaverses. Recently, Genies partnered with blockchain firm Dapper Labs to create a new marketplace – “Genies Marketplace” – that seeks to become the new “Amazon of Digital Wearable NFTs”. Its goal is to promote diversity and a broader trading platform with traditional-styled influencers. Due to this Genies’ project, WMG’s artists will be able to turn their favorite cultural moments or latest artistic endeavors into “Digital Wearables Drops”. Then, their fans will own and use them on their Genie avatar.
WMG’s Chief Digital Officer Oana Ruxandra commented:
“WMG is consistently focused on positioning its artists and songwriters at the forefront of the rapidly growing digital media ecosystem. As avatars and their customization become an increasingly relevant avenue for self-expression and merch generates diversified sources of revenue, WMG’s partnership with Genies will enable our artists and songwriters to tap into a new form of self-expression and audience reach.”
“Both music and avatars provide humans with the ability to fully express their authentic personalities. Cultural icons and figures are some of the most expressive people on earth and they should not be constrained by real-world limitations. This partnership allows the leaders of culture to fully immerse themselves into the fantastical realm of the metaverse and build new, direct, and authentic connections with their respective followings and fanbases,” stated Genies CEO.
The partnership of Warner Music Group and Genies will obviously succeed, especially now, when NFTs are boosting.
About Warner Music Group
Warner Music Group is an entertainment conglomerate that owns and operates some of the largest and most successful labels in the world. Among them are Elektra Records, Reprise Records, Warner Records, Parlophone Records, and Atlantic Records. Since its founding back in 1958, WMG has expanded to operate in more than 70 countries worldwide.
In 2020, Warner Music Group went public. It raised almost $2 billion with a valuation of $12.75 billion, which made WMG once again a publicly traded company after previously going private in 2011.
Genies’ Focus on NFTs
Genies Inc. is an avatar technology company that develops intelligent and dynamic digital avatars convenient to express in social media and messaging applications. Since the company appeared back in 2017, it has managed to has raised $40 million in funding from Silicon Valley venture capitalists such as Jim Beyer, NEA, Foundation Capital, Box Group, Great Oaks, Lerer Ventures, and Trinity Ventures.
This year, the company shifted its focus to NFTs development. Its founder Akash Nigam has been bullish on digital goods and was excited to begin offering new NFTs in conjunction with Nifty Gateway. For example, in February this year, Genies started issuing digital wearables for Canadian singer Shawn Mendes.