Scheduled to launch in Jan. 2023, LGND Music is designed to drive the web3 music economy by allowing artists to offer their songs as NFTs, which fans can purchase and play on the platform, along with other digital collectibles.
“LGND Virtual Vinyl technology allows for actual music ownership that fans can buy, sell, trade, and collect 24/7. Virtual Vinyl can also be used for live ticketing, platform rewards, and giving exclusive up-close-and-personal access to the most dedicated fans,” says the official website.
The platform can be accessed via the desktop website and mobile app, enabling an interactive user experience similar to most web2 music service providers. LGND will also support music NFTs and digital collectibles from other platforms.
Through this partnership, artists from Warner Music Group will be able to release their songs on the platform and interact directly with fans.
Even though Warner Music hasn’t named any artists, their popular label Spinnin’ Records, which has released songs with David Guetta, R3HAB, Robin Shultz, and Tiesto, is included in the deal.
“We’ve been working for over a year to deliver the best-in-class blockchain experience for passionate music lovers all over the world, and look forward to innovative and unique content from all types of WMG artists,” said Michael Rockwell, CEO of LGND Music
Web3 & Music
Many believe the potential of music within the web3 ecosystem is immense. Web3 music economy could disrupt the traditional model by unlocking significant value for artists and end users.
For Warner Music, this would be yet another web3 partnership. In January, the company partnered with The Sandbox to organize metaverse events and concerts on the platform, followed by an agreement with Splinterlands to develop games around its artists in February.
It also has an existing deal with OpenSea to build “opportunities for artists to establish deeper engagement, access, and ownership.”