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The ambitions of WMG include helping its artists to promote fan engagement and create new Web3.0 communities.
In an attempt to boost the artiste-fan relationship and build the music community, US record label Warner Music Group (WMG) has partnered with NFT marketplace OpenSea.
WMG Reveals OpenSea Partnership Plans
The partnership will see a select few artists under the WMG label have access to OpenSea’s newly-launched feature. Essentially, these artists will be able to launch their NFT collections and have their individual NFT drop pages.
Furthermore, the artists will own customized landing pages where they can tell personal stories. They will also benefit from OpenSea’s top-notch security features.
In his statement about the partnership, a thrilled OpenSea’s Vice President of Product, Shiva Rajaraman said it is geared toward promoting active fan engagement, even as artists draw closer to their fans. Part of his statement read:
“As a massive music fan myself, I’m thrilled to work with a partner who understands the significance of empowering artists to own their fan connections directly.”
In the long run, the ambitions of WMG include helping its artists to create new Web3.0 communities. Apart from the artists, the fans also get to enjoy new engagement benefits as they get more involved with music and artists within the Web3 community.
Music NFT Ecosystem
It is noteworthy that 2022 has been an amazing year of growth for the music NFT ecosystem as several partnerships and mergers have been springing up in the industry.
For instance, Universal Music Group tapped NFT platform Curio in February to drop digital collectibles for its record label. And by May, Spotify announced its plans to start testing out NFTs on its streaming platform.
Without a doubt, NFTs have proven to provide artists with benefits that were previously somewhat elusive. With NFTs, artists can now generate recurring revenue through royalties. And in addition to that, the work of these artists may now be used in virtual worlds.
It is worth noting, however, that the first collection of music NFTs is currently being developed. But that is from a collaboration between Warner Records UK and Web3 company Probably Nothing.
According to WMG, the new collaboration is in line with the label’s efforts to position itself in the Web3 space.