Global music and entertainment company Warner Music Group (WMG) announced on September 29 its new collaboration with OpenSea, a leading peer-to-peer marketplace for NFTs, to provide a platform for select WMG artists to build and extend their fan communities through Web3.
As part of the engagement, WMG artists will obtain early access to OpenSea’s new products, along with improved discoverability, personalized storytelling on customized pages, and OpenSea’s safety and security features.
This will also help WMG artists build new Web3 communities, introducing existing fan communities to new forms of connection and creativity powered by NFTs. In addition, WMG artists will have their own dedicated drop page to host limited-edition projects. The first collection is currently in development with Warner Records UK in collaboration with Web3 company Probably Nothing.
This cooperation shows the potential of combining music and NFTs. In February, Universal Music Group partnered with entertainment NFT platform Curio to issue authentic fan-orientated collectibles. Music streaming giant Spotify announced in May that it will test a new feature that allows artists promote NFTs on their profiles. In August, Sony Music Entertainment signaled plans to use NFTs to authenticate live music recordings after filing a trademark application through the US patent and trademark office.
Music NFTs, which were first adopted by musicians in 2021, feature a piece of music, whether it is a single song, an album, or even a music video. In February last year, Canadian electronic musician Jacques Greene took a more futuristic path by selling the publishing of a forthcoming single using blockchain technology. NFTs have given independent musicians the power to sustain themselves around the concept of digital ownership.