Through a partnership with OpenSea, Warner Music Group will enable artists to interact with their fans via NFTs. According to a statement on September 29th, selected WMG artists would be allowed to create and expand their fan networks on web3.
The chosen artists will get access to a new “drops” product, gain more exposure, and have their landing pages on the OpenSea website. OpenSea additionally provides special assistance for WMG artists, which is unavailable to other platform content providers.
WMG-selected artists will have a unique drop page to house limited-edition projects, offering fans more possibilities to interact with their favourite performers.
According to Oana Ruxandra, WMG’s Chief Digital Officer, the community is fundamental to the DNA of music. It is artists and fans getting together to enjoy the music they love. The partnership between
OpenSea facilitates these communities by releasing Web3 tools and resources that create chances for artists to develop greater participation, access, and ownership.
The first collection anticipated to be issued by WMG on the OpenSea platform is now under production by Warner Records UK in cooperation with Probably Nothing.
Warner Music Group partners with OpenSea Image: OpenSea
Warner Music is not a novice to web3, and the OpenSea cooperation is the latest in a series of initiatives to enhance the music company’s competence in the sector, as stated by Warner Music.
Adam Levy from The Mint Podcast said in an exclusive interview:
“From a macro perspective, this collaboration is a win simply because more capital and music will enter web3… A web3 “fan” is different from a web2 “fan” – It’s not about selling out a drop and making a buck, rather it’s about building a sustainable long-term relationship with collectors and ingraining them into the artist’s success.”
Joonatan Lintala, CEO of web3 social networking site Phaver, said he was less enthusiastic about the news.
It is a logical relationship between two centralised parties operating as gatekeepers in their respective sectors. Still, the future impact of web3 and NFTs for musicians will be to eliminate intermediaries such as record labels and provide them with straightforward access to their fans.
Lintala said that while this partnership may not represent the genuine vision of a decentralised future, such collaborations provide great opportunities to promote NFT collectibles to a broader audience.
Traditional music corporations making a more prominent foray into the web3 sector might be a turning point for NFT adoption since it provides a means for artists to get direct royalties from their works.