Warner Music Group and OpenSea to launch Web3 platform for artists

This step will allow using the capabilities of Web3 and NFTs to create communities

30.09.2022 - 10:10

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What’s new? Warner Music Group (WMG), a music company, and OpenSea, an NFT marketplace, will join forces to create a single platform for artists to build and expand fan communities in Web3. This is reported on the WMG website.

News on the WMG website

Warner Music Group is the third-largest company on the American recording market. It was founded in 1958 as Warner Bros. Records. The company’s shares are traded on the NASDAQ exchange under the ticker WMG. As of September 30, 07:20 UTC, the price per share is $23,13, down by 3,95% in 24 hours.

What else is known about the platform? As part of the partnership, WMG artists will get early access to OpenSea’s new product, which includes personalized landing pages and support from the OpenSea team in creating new NFT-based Web3 communities.

It is known that artists will be able to post their projects in limited editions, which will open up new opportunities to interact with fans. According to Oana Ruxandra, Chief Digital Officer at WMG, this will provide “deeper engagement, access, and ownership.” And according to Shiva Rajaraman, OpenSea’s Vice President of Product, NFTs will provide new creative environments and mechanisms for community building, direct interaction with fans, and self-expression.

It is known that the first collection on the platform is already under development with the collaboration of Warner Records UK and Web3 company Probably Nothing.

In February 2022, WMG partnered with blockchain game developer Splinterlands. As a result of the partnership, musicians will be able to create and develop play-to-earn games that use cryptocurrency tokens.

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