U.S. record company Warner Music Group is partnering with NFT marketplace OpenSea to create a platform, which is designed to enable selected WMG artists to grow and extend their fan networks in Web3.
Artists signed to Warner Music Group (WMG) will gain early access to OpenSea's new drops product as part of the agreement designed to increase fan engagement, in addition to personalized storytelling on tailored landing pages and increased discoverability.
Additionally, WMG artists will have exclusive drop pages for hosting limited-edition projects. Warner Records UK is currently collaborating with Web3 business on the debut album, titled Probably Nothing.
According to a press release, OpenSea Vice President of Product Shiva Rajaraman said, "As a huge music fan myself, I'm happy to work with a partner who recognizes the significance of this technology, and wants to utilize it for good - to empower artists to own their fan relationships directly."
The most recent endeavor by WMG to increase its Web3 knowledge is the recent collaboration. For the record label's NFT releases in February, UMG worked with the entertainment NFT platform Curio.
Authentic Artists, a music platform based in San Francisco that aims to power "metaverse-native virtual artists, digital treasures, and interactive music experiences," attracted WMG's participation in a strategic investment round in June.
The record label has generally formed strategic alliances with companies including The Sandbox, the video game developer Splinterlands, and the digital collectibles marketplace Blockparty.
WMG is optimistic that NFTs could improve relationships between artists and fans. The community that results from musicians and fans joining together to celebrate the music they love is fundamental to the DNA of music, according to Oana Ruxandra, Chief Digital Officer & EVP, Business Development, WMG went on to comment, “By making available Web3 tools and resources to create chances for artists to establish greater involvement, access, and ownership, our partnership with OpenSea aids in the facilitation of these communities.”