Warner Music confirmed launching the LGND Music platform in 2023, founded on Web3 technologies. Announcing the breakthrough in creating the Web3 music platform, LGND confessed the interactive platform builder was in a multiyear engagement with Warner Music Group (WGM).
Features of LGND Music Platform
LGND’s executive indicated that the engagement features Polygon input in blockchain network development to deliver the Web3 LGND Music platform. Speaking on the sideline of the partners’ executives meeting, LGND revealed the music platform will premier in January 2023. Although primarily designed as a music and collectibles platform, it will feature dance for the Spinnin’ Records.
The executive added that the collectibles platform is a proprietary player compatible to accommodate digital collectibles utilizing different blockchains. LGND’s executive lauded the compatibility feature as it allows users to access their digital collectibles at all times.
Benefits Creators will Draw
Speakers drawn from each partner restated that the platform will accommodate select WMG artists to showcase their digital collectibles within the LGND Music application and desktop platform. The application will support the creator-fan interaction through curated experiences and conveying unique content.
LGND representatives revealed the music platform is built upon the Polygon ecosystem, thus benefiting from faster transactions and reduced gas fees. As such, LGND Music will support various features allowing collectors to actively participate and exercise self-custodial rights over digital assets in the decentralized ecosystem.
The company declared that LGND Music users can purchase and own music tokens. In addition, users can quickly build their digital collectibles even when unfamiliar with cryptos.
Market Outlook
Integrating music into the Web3 ecosystem is reportedly beaming with potential. It is set to replicate the success of nonfungible tokens (NFTs), where musicians have tapped into their power to transform audiences into a community of loyal fanbases. Nonetheless, LGND’s executive noted that Web3 music platforms are poised to unlock innovative opportunities enabling artists to monetize content. The potential is evident in Goldman Sachs’ recent forecast of the global music sector to hit $131 billion in the next decade.
WMG acknowledges the collaboration in creating LGND Music as timely since a significant portion of the industry will integrate the Web3 ecosystem. Such awareness explains the series of partnerships announced by WMG, including the recent collaboration with OpenSea to unlock opportunities in the NFT marketplace.
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