Warner Music Group and OpenSea Partner to Help Web3 Artists

B. Ali
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Warner Music Group, an American multinational entertainment and record label conglomerate whose signed artists include Cardi B, Madonna, Dua Lipa, and Ed Sheeran, announced a partnership with OpenSea, an American online non-fungible token marketplace, on Thursday. However, the goal of this collaboration is to help its musicians expand into Web3.

Warner Music artists will benefit from enhanced discoverability on the non-fungible token (NFT) marketplace and dedicated and prominent sections of the OpenSea site for upcoming non-fungible token (NFT) initiatives. Additionally, OpenSea team members will assist artists in expanding their Web3 fan networks and onboarding existing fan communities into the NFT environment. 

“Our relationship with OpenSea helps to support these [fan] communities by leveraging Web3 capabilities and resources to generate opportunities for artists to establish greater interaction, access, and ownership,” says Warner Chief Digital Officer Oana Ruxandra.

Warner Music Group Artists Would Benefit

As previously stated, the contract would provide Warner Music Group artists with immediate access to OpenSea’s upcoming drop offering, improved discoverability, bespoke stories on individual landing pages, and OpenSea’s unrivaled privacy and protection safeguards. 

The OpenSea team, on the other hand, will be able to provide more focused guidance and practice guidelines, assisting Warner Music Group artists in the creation of new Web3 networks and introducing existing fan groups to new types of participation and creation driven by NFT.

Furthermore, Warner Music Group artists would have their home page where they could showcase limited-edition initiatives, giving audiences new ways to connect with their works.

According to Oana Ruxandra, Chief Digital Officer & EVP, Business Development, Warner Music Group’s collaboration with OpenSea facilitates these societies by expanding Web3 knowledge and abilities to create opportunities for artists to demonstrate a higher level of engagement, access, and possession.

WMG and NFTs Have Made Progress

As a result of its industry-leading approach, Warner Music Group has collaborated with several notable Web3 startups. This latest collaboration was the music label’s latest effort to broaden its domain expertise. Several major record labels have rushed to expand their web3 presence and profit from Web3-related IP in recent months.

In addition, the Universal Music Group has agreed to allow its artists to release NFTs on LimeWire, a music-focused NFT marketplace. However, earlier this month, Universal hired Beyoncé’s music producers to lead Kingship, a virtual band based on Bored Ape Yacht Club NFT artwork.

Despite a significant decrease in NFT industry volume this year, a surge of new partnerships has emerged in 2022. Bitcoin mining company recently launched the ‘Greedy Machines’ NFT series. Companies are more established industries are also attempting to participate.

NFT Platform By LG

LG launched its own NFT platform for smart TVs, dubbed ‘LG Art Lab,’ at the start of the month. The entertainment industry is also eager to expand its Web3 presence, as evidenced by the partnership announced today between WMG and OpenSea.

On September 20, International NFT Day, Snoop Dog collaborated with Method Man of the Wu-Tang Clan to release a brand-new single on the TuneGo network. Muse also made history when an NFT album topped the UK charts.

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About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.