LGND.io has announced the opening of a collectibles marketplace in cooperation with Warner Media and Polygon. Music collectors, or "Virtual Vinyls," will be able to take their favorite artists' albums with them and play them wherever.
Through this arrangement, a few artists from Warner Music Group will be able to release digital collectibles of their music on mobile and desktop platforms. Polygon has been selected as the underlying blockchain for the platform for numerous reasons.
Minting digital collectibles at cheap gas rates and without compromising the security advantages of the Ethereum network is now possible with the Layer 2 EVM-compatible solution. In July, Polygon introduced the zkEVM protocol, which mixes zero-knowledge with Layer 2 to achieve limitless scalability.
The WMG group, on the other hand, will perform the critical job of onboarding the LGND Music platform’s community with both artists and fans. By contrast, LGND.io will provide a user-friendly interface by drawing on its extensive background in the creation of e-commerce and interactive platforms.
The world's premier dance music label, Spinnin' Records, will be among the first record labels to join the platform as part of a multiyear relationship beginning in January 2023. Michael Rockwell, CEO of LGND Music, commented on the cooperation, expressing his company's delight in working with two market leaders.
It was said that for over a year, they have been striving to provide the best-in-class blockchain experience to music fans all around the globe who are eager to hear new and exciting material from all different kinds of WMG artists. LGND Music is set to aid in the evolution of the whole music business thanks to the backing of the Polygon ecosystem.
However, WMG's Chief Digital Officer and Executive Vice President of Business Development, Oana Ruxandra, has said that the company is "very thrilled" about the ways in which new technologies are affecting and altering the music business. A huge, unrealized opportunity exists for artists to connect with and profit from their fanbase.
It's not WMG's first time dabbling with the third-generation web. In January, they formed a partnership with OneOf, a music industry-specific NFT platform with a focus on sustainability.
To get more artists into web3, it partnered with the popular NFT game platform, Splinterlands. In addition, in September, they established a relationship with the major NFT marketplace OpenSea to provide exclusive NFT drops for a limited group of artists.
Proof of ownership for a digital item, piece of art, virtual avatar, or JPEG is represented by NFTs, which are digital files based on the blockchain. NFTs are used by musicians to monetize their fanbase and provide them with rewards like concert tickets, meet-and-greets, and other exclusive opportunities.
Polygon Studios' CEO Ryan Wyatt believes that web3 will revolutionize the music business for musicians and listeners alike. This unique alliance between Polygon, LGND, and WMG marks an exciting milestone for the music business as it ushers in a new era of music ownership and consumption by fully integrating decentralized technologies and collectibles. Polygon is excited to be the driving force behind this ground-breaking project, which will increase music ownership and attract new listeners and creators to the Web3 music platform.
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