Quick take:
- LGND.io, Warner Music Group and Polygon have teamed up to launch the LGND Music NFT marketplace.
- The platform officially launches in January 2023, with the world’s leading record label Spinnin’ Records among its first collaborators.
- LGND Music is built on the Layer 2 Ethereum scaling protocol Polygon and will support collectibles from multiple Layer 1 blockchains.
LGND.io has announced the launch of a collectibles marketplace in partnership with Warner Media and Polygon. Users will be able to play music collectibles or “Virtual Vinyls” of their favourite artists on the go.
The partnership will allow a select number of Warner Music Group artists to launch collectibles of their music on the app and desktop. Polygon has been chosen as the underlying blockchain for the platform for several reasons.
The Layer 2 EVM-compatible solution enables users to mint digital collectibles at low gas fees without compromising the security benefits of the Ethereum network. In July, Polygon announced the zkEVM protocol merging zero-knowledge with Layer 2 to enable infinite scalability.
The WMG group, on the other hand, will play the crucial role of onboarding the LGND Music platform’s community with both artists and fans. On the other hand, LGND.io will leverage its expertise and experience in developing e-commerce and interactive platforms to deliver an easy-to-use platform for consumers.
The platform officially launches in January 2023 with the world’s leading dance record label, Spinnin’ Records, among record labels kicking off the multi-year partnership deal.
Commenting on the partnership, Michael Rockwell, CEO of LGND Music expressed his excitement at partnering with two leading companies in their industries.
“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.”
On the other hand, Oana Ruxandra, Chief Digital Officer & EVP of Business Development, WMG commented: “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 monetize that fandom.”
This is not Warner Music Group’s first foray into web3. In January, the company partnered with OneOf, an eco-conscious NFT marketplace built for music artists, to create artist and music NFTs.
It also collaborated with leading NFT gaming platform Splinterlands to onboard artists into web3. And in September, the company announced a partnership with the world’s leading NFT marketplace OpenSea to give select artists dedicated NFT drops.
NFTs are blockchain-based digital files representing proof of ownership of a digital collectible, artwork, virtual avatar, or JPEG. In Music, NFTs are used by music artists to earn royalties and reward fans with access to exclusive experiences like face-to-face meet-ups, tickets to exclusive events and merchandise.
CEO of Polygon Studios, Ryan Wyatt said: “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 decentralized 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.”
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