Source: news.google.com
Interactive and e-commerce platform creator LGND has announced a multi-year partnership with blockchain network developer Polygon and global entertainment company Warner Music Group to create a Web3 music platform called LGND Music.
Due to launch in January 2023, LGND Music is designed to be a music and collectibles platform that supports “digital collectibles from any blockchain in a proprietary player”, making it possible for users to play their digital collectibles over the March.
The partnership will allow select Warner Music Group artists to release digital collectibles on both the app and desktop platforms. Creators will also be able to engage with their fan base through special content and curated experiences. The platform will be built on Polygon and will offer lower gas rates and faster transactions.
LGND Music plans to offer a variety of features, making it possible for music collectors to participate in a decentralized ecosystem based on full ownership of digital assets. According to the company, “users of the platform will also be able to buy and own music tokens and easily get started with digital collectibles by building a collection,” and it will be easy to use even for users who are unfamiliar with cryptocurrency or digital collectibles.
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The potential for music to integrate into the Web3 ecosystem seems promising, and musicians have for a while harnessed the power of non-fungible tokens to transform their audiences into loyal communities.
Web3 music platforms could potentially disrupt the music industry and unlock new opportunities for creators and artists to innovate and monetize their content. Goldman Sachs forecast that the global music industry could be worth $131 billion by 2030, and a significant portion of that could be embedded in Web3 environments.
Warner Music Group’s latest collaboration to create LGND Music comes months after it announced a partnership with OpenSea to enable select music artists to build and grow their fan base in the NFT marketplace.
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