- The LGND Web3 music platform will enable the release of NFTs by artists.
- A proprietary player will support NFTs built on any blockchain.
- Low gas prices and quicker transactions on LGND will be brought by Polygon.
In order to develop LGND Music, a Web3 music platform, blockchain network developer Polygon, Warner Music Group, and e-commerce and interactive platform builder LGND have announced a multiyear partnership.
The music and collectibles platform LGND Music, set to debut in January 2023, is intended to support “digital collectibles from any blockchain in a proprietary player,” enabling users to play their digital collectibles while on the go.
Using the app and desktop platforms, the partnership will enable a few Warner Music Group artists to release digital collectibles. Through curated experiences and exclusive content, creators will also be able to communicate with their fan base. The platform, which will be based on Polygon, will provide cheaper gas prices and quicker transactions.
With a range of features, LGND Music aims to enable music collectors to take part in a decentralized ecosystem based on complete ownership of digital assets. The platform will be simple to use even for users who are unfamiliar with cryptocurrencies or digital collectibles, the company claims, and
“Users of the platform will also be able to buy and fully own music tokens and easily get started with digital collectibles by building a collection.”
The integration of music into the Web3 ecosystem appears to have great potential, and artists have long used nonfungible tokens to turn their audiences into devoted communities.
Web3 music platforms have the potential to upend the music business and open up new avenues for innovators and artists to monetize their work. According to Goldman Sachs, the global music market could be worth $131 billion by 2030, with a sizable chunk of that potentially being incorporated into Web3 environments.
Following the announcement of a partnership with OpenSea to enable a select group of musical artists to increase and expand their fanbase on the NFT marketplace, Warner Music Group has now joined forces to create LGND Music.