NFTs have been gaining buzz since news of it being sold for absurd amounts of up to $69 million. Non-Fungible Tokens are records on a blockchain that can be physical or digital assets-it ranges from artworks, music, in-game goods, and videos.
Warner Music Group announced that they will be partnering up with OpenSea, a Web3 marketplace for NFTs and crypto collectibles. This partnership will allow select artists to launch their own NFT collection and limited edition projects, according to CoinTelegraph.
What Does This Partnership Entail?
The collaboration will provide a platform for several artists to reach the Web3 community as well, and expand their fanbase. The artists will have early access to OpenSea's new feature, which means that they can create their own drop pages, where they can launch their NFT collection and limited edition projects.
The partnership may also bring people into the Web3 community by advertising the NFTs to select artists' fans. Warner Music Group still has not announced who those certain artists are but they have many well-known names under their belt. Paramore, Coldplay, Ed Sheeran, and David Guetta are among those names.
The first collection of music NFTs is already being developed in Warner Records UK, which is already collaborating with Probably Nothing, a Web3 company, as mentioned in musicbusinessworldwide.com
Shiva Rajaraman, the Vice President of Product at OpenSea, said that "For artists and musicians, NFTs represent a new creative medium and a mechanism to build community" and with that, fans can engage directly with the artist.
Warner Music Group Expanding Its Reach To The Web3 Community
This was not the first time that the Warner Music Group delved into the world of Web3. Back in February, they also announced their partnership with Splinterlands, a blockchain gaming developer.
The partnership is done so that artists can create play-to-earn arcade-style blockchain games. Oana Ruxandra stated that partnering with Splinterlands to build tokenized games will unlock new revenue streams for their artists.
Before that, Warner Music Group also collaborated with The Sandbox. The partnership is to pave the way toward creating a musical theme park within the gaming metaverse, based on an article from CoinTelegraph.
The Sandbox, where Warner MusicGroup LAND is, could host concerts and live experiences that feature the artists represented by WMG.
Are NFTs Worth It?
The emergence of cryptocurrency and other types of digital assets in the online community has been accepted with a very warm welcome. More and more people have been working on things like blockchains and cryptocurrencies more than ever before.
If the trajectory of this development continues, NFTs will be a very common thing in no time. Though, it is a very tricky industry. Like all investments, you can never truly know for sure if the value of an asset will skyrocket or plummet. Even experts can't determine how it will unfold since the market is fairly unpredictable.
In other words, do your research first. Find out which NFTs are worth investing in and if their value will be steady or increase over time.
