LGND.io, WMG and Polygon partner to launch LGND Music NFT platform
Quick take:
- LGND.io, Warner Music Group and Polygon have joined forces to launch the LGND Music NFT Marketplace.
- The platform will be officially launched in January 2023, with the world’s leading record company Spinnin’ Records among its first partners.
- LGND Music is built on the Layer 2 Ethereum scaling protocol Polygon and will support collectibles from multiple Layer 1 blockchains.
LGND.io has announced the launch of a collectibles marketplace in partnership with Warner Media and Polygon. Users will be able to play collectibles or “virtual vinyls” of their favorite artists on the go.
The partnership will allow a select number of Warner Music Group artists to launch collectibles of their music on the app and desktop. Polygon has been chosen as the underlying blockchain for the platform for several reasons.
The Layer 2 EVM compatible solution enables users to create digital collectibles at low gas fees without compromising the security benefits of the Ethereum network. In July, Polygon announced the zkEVM protocol that merges zero-knowledge with Layer 2 to enable infinite scalability.
The WMG group, on the other hand, will play the crucial role of onboarding the LGND Music platform’s community of artists and fans alike. On the other hand, LGND.io will leverage its expertise and experience in developing e-commerce and interactive platforms to deliver a user-friendly platform for consumers.
The platform will officially launch in January 2023 with the world’s leading dance label, Spinnin’ Records, among the labels starting the multi-year partnership agreement.
Commenting on the partnership, Michael Rockwell, CEO of LGND Music expressed his excitement at working with two leading companies in their industries.
“We’ve been working for over a year to deliver the best-in-class blockchain experience for passionate music lovers around the world, and look forward to innovative and unique content from all types of WMG artists. With the strong support of the Polygon ecosystem, LGND Music is poised to help develop the entire music industry.”
On the other hand, Oana Ruxandra, Chief Digital Officer & EVP of Business Development, WMG, commented: “We are incredibly excited about the ways in which evolving technologies are changing and challenging the music industry. There is huge untapped potential for artists to interact with fans and monetize on that fandom.”
This is not Warner Music Group’s first attack on web3. In January, the company partnered with OneOf, an environmentally conscious NFT marketplace built for music artists, to create artist and music NFTs.
It also partnered with leading NFT gaming platform Splinterlands to onboard artists in web3. And in September, the company announced a partnership with the world’s leading NFT marketplace OpenSea to provide select artists with dedicated NFT drops.
NFTs are blockchain-based digital files that represent proof of ownership of a digital collectible, artwork, virtual avatar or JPEG. In music, NFTs are used by music artists to earn royalties and reward fans with access to exclusive experiences such as face-to-face meetings, tickets to exclusive events and merchandise.
CEO of Polygon Studios, Ryan Wyatt said: “Web3 has the power to transform the music industry for artists and fans alike. The way we own and experience music is evolving, by fully embracing decentralized technologies and collectibles, this exclusive partnership between Polygon , LGND and WMG an exciting milestone for the music industry. Polygon is proud to drive this innovative initiative that will elevate music ownership and bring more music lovers and artists to Web3.”
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