Web3 music platforms are another upcoming service that will bring NFT, metaverse and blockchain into the global music scene. As a creative object or work of art, a song or album can be incorporated into an NFT and traded with royalty rights for the artist. Warner Music Group recently tied up with NFT marketplace Opensea to give access to its artists to build their following on the platform. In a latest move, Warner Music Group is in partnership with e-commerce player LGND and Polygon to build a new Web3 music service called LGND Music.
LGND Music will allow for digital collectibles of music to be launched, and for fans and music lovers to buy these collectibles with tokens. The platform will not require any prior knowledge of use of tokens, blockchain or the technology behind it. However, given the nature of NFTs where rights and royalties are in fine print, music fans will need to be careful and know beforehand what they are actually buying when they spend tokens to “own” a music digital collection.
LGND Music will not be restricted to any one blockchain, and will allow any music digital collection to be played in its proprietary player. There will be a desktop site and an app. The platform will be decentralized, and media reports mention “full ownership” of digital assets, though as pointed out earlier, buyers will need to be careful with their purchases. Users will be able to build their personal digital collection on the platform.
After the NFTs have come as a fresh wave of opportunities for artists, the advance of Web3 will further bring works of art and music into a new digital era where monetization will be more direct, though fraught with its own flaws given then volatile nature of cryptocurrencies. In the NFT marketplaces, even junk can be put up and sold for a good price if someone is willing to buy it.
Web3 in music is being seen as a disruptor, and expected to “unlock” new ways to promote, earn a following and monetize music in all its diverse ways. As per projections from Goldman Sachs, the global music industry has the potential to expand to over $100 billion in the next seven years.Share & like