The popular interactive and e-commerce platform builder LGND has partnered with the emerging Blockchain network developer, Polygon and Warner Music Group, a global entertainment company, to develop an all-new Web3 music platform named LGND music.
The launch is scheduled for January 2023, and LGND Music is envisioned as the sole platform for music and digital collectibles. As announced, it will be a platform that supports “digital collectibles from any Blockchain in a proprietary player.”
The partnership of these three giants will allow selected artists from Warner Music Group to launch their digital assets as collectibles for collectors on both the desktop platform and mobile applications. It will also allow creators to interact with their fandom via curated experiences and special content.
LGND has selected Polygon to be the platform to build LGND Music and offer faster transactions and lower gas fees. According to the company,”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.” In this way, it will be easy for users unfamiliar with digital collectibles or cryptocurrencies to use the platform. With this partnership, the potential of integrating music with a Web3 ecosystem looks promising.
The world has seen musicians stepping into non-fungible tokens to transform their worldwide audience into a loyal community. According to different Web3 experts and industry leaders, Web3 music platforms have the potential to disrupt the traditional music industry and create new potential opportunities for artists and creators to monetize and innovate their content. The leading banking from Goldman Sachs forecasted their estimations for the Global music industry to be $ 131 billion by 2030, with Web3 playing a crucial role in the development. Previously Warner Music Group has also collaborated with OpenSea to allow select music artists to launch their NFT collections on the NFT marketplace.