Polygon (MATIC) has entered into another great partnership, as it has been announced that it will be working with e-commerce and interactivity platform company LGND and global entertainment company Warner Music Group to create a Web3 music platform called LGND Music.
LGND Music is scheduled to launch in January 2023.
LGND is a music and collectibles platform that supports digital collectibles from any blockchain on an exclusive player, enabling users to play their digital collectibles.
The partnership will allow select Warner Music Group artists to launch digital collectibles on both the App and Desktop versions of the platform. Creators will also be able to interact with their fan base through special content and select experiences.
The platform will be built at Polygon and will offer low fees and fast transactions.
LGND Music plans to offer a variety of functionality, enabling music collectors to participate in a decentralized ecosystem based on full ownership of digital assets.
According to the company, users of the platform will be able to purchase and fully own music tokens and easily start their own digital collectibles by creating a collection. Moreover, it will be easy to use even for users who are not familiar with cryptocurrencies or digital collectibles.
The possibility of integrating music into the Web3 ecosystem looks promising. Musicians are harnessing the power of non-exchangeable digital assets to turn their audiences into loyal communities.
Web3 music platforms could potentially disrupt the music industry and unlock new opportunities for creators and artists to innovate and generate revenue from their own content.
Goldman Sachs predicted that the global music industry could be worth $131 billion by 2030 and a significant portion of this could be embedded in Web3 environments.
Warner Music Group’s latest partnership to create LGND Music comes months after it announced a partnership with OpenSea to allow select music artists to build and expand their fan base in the NFT marketplace.