The music project is expected to usher in a new era of a web3 music economy.
In a major development, a collaboration was announced between the famed Warner Music Group (WMG), the Indian web3 platform Polygon, and the prominent e-commerce platform LGND.io for a web3-based music project called LGND Music. Slated to be launched in January 2023, the music project would be powered by blockchain technology and include major activities centered on the web3 space. If it fulfills the goals it has set out to achieve, LGND Music could prove to be a pioneer in the web3 music economy. A report was released by the WMG explaining the details of the same.
LGND music would provide an environment to the users where they could collect digital collectibles released by selected WMG artists and play them on the platform virtually. They could get exclusive access to content from their favorite artists, creating a level playing field for all stakeholders, including the artist, user and the platform. The project would be built on Polygon to provide a smooth decentralized experience to the user.
“We are incredibly excited about the ways in which evolving technologies are changing and challenging the music industry. There is tremendous untapped potential for artists to interact with their fans and to monetize that fandom. And, as we continue to lean in and drive forward, WMG’s partnership with LGND and Polygon will help our artists to experiment with and build across Web3 technologies in order to grow and engage their communities.”, said Oana Ruxandra, Chief Digital Officer & EVP, Business Development, WMG.