On September 29, the major record-label Warner Music Group that counts Cardi B, Madonna, Dua Lipa and Ed Sheeran announced a partnership with OpenSea marketplace to provide a platform for its artists to extend their fanbase into the Web3 community.
According to the release, the collaboration will allow selected artists to access OpenSea’s newly rolled-out feature that enables artists to launch their NFT collections and projects on their own customisable drop pages. Additionally, the OpenSea team will help WMG artists to build their new Web3 communities. This will open up new opportunities for fans to engage with music and artists on the platform.
The first collection of music NFTs is being developed with Warner Records UK in collaboration with Web3 company Probably Nothing. It will be a release of NFT Label Passes for Probably A Label, launched earlier with Warner Records.
The NFT Label Pass will allow holders to license songs from a members-only community music library, create and own stakes in community-generated, IP-backed virtual artists, attend exclusive live events and access Probably A Label’s upcoming music drops.
Of course, this is not the first attempt of a record label to partner with Web3 platforms. In May, Universal Music Group stroke a deal to allow its artists to release NFTs on LimeWire marketplace. And in August, Muse announced the release of the band’s new album as an NFT on the Polygon-based Serenade platform. Obviously, NFTs are a new step for the development of the music industry, and we will observe how the situation evolves further.