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Warner Music Group, Polygon, and LGND have signed a multiyear agreement to build LGND Music, a Web3 music platform. The music and collectibles network LGND Music, set to debut in January 2023, is intended to enable "digital valuables from any blockchain in a proprietary player," enabling users to play their digital treasures while on the road.
Through the partnership, Warner Music Group artists will be able to introduce digital collectibles on both desktop and mobile. Additionally, creators will be able to communicate with their followers through curated experiences and exclusive material. The platform, which will be built on Polygon, will reduce gas costs and speed up transactions.
Polygon is increasingly being used by massive blockchain companies to strengthen their position in the bitcoin industry. Starbucks adopted it for their web3 loyalty program, and Meta's Instagram chose it for its upcoming NFT marketplace.
LGND Music offers a range of features aimed at enabling music collectors to participate in a decentralized ecosystem. The platform will be simple to use even for users who are unfamiliar with cryptocurrencies or digital collectibles, the business claims, adding "users of the platform will also be able to buy and fully own music tokens and simply get started with digital collectibles by developing a collection."
The integration of music into the Web3 ecosystem appears to have great potential, as artists have long used nonfungible tokens to turn their listeners into devoted communities.
Web3 music platforms have the ability to upend the music business and provide new avenues for innovators and artists to monetize their work.