LGND Music is an online marketplace that will provide songs as NFTs.
Warner Music and LGND are yet to announce any of the artists that will release NFTs.
A multi-year agreement between the major record label, Warner Music Group, and the Polygon-based Web3 music startup LGND Music was revealed today. It would allow artists signed to Warner Music Group labels to distribute music NFTs via the future Polygon-based marketplace.
Set to start in January, LGND Music is an online marketplace that will provide songs as NFTs—which fans can buy and listen to via the platform—along with other digital collectibles from singers. Moreover, LGND will provide both desktop and mobile applications for engaging with the NFTs, analogous to an iTunes-like experience for Web3, and the business claims it will support music NFTs from other platforms, as well.
Spinnin Records Part of the Deal
Furthermore, Warner Music and LGND are yet to announce any of the artists that will release NFTs via the platform, although WMG’s famous label Spinnin’ Records is part of the partnership.
Moreover, electronic dance performers have leaned towards crypto and Web3 possibly more than any other genre, and Warner’s move simply maintains that trend. Many prominent electronic artists, including Deadmau5, Steve Aoki, 3LAU, and Dillon Francis, have invested in NFTs or spoken positively about them.
However, LGND is not keen on encouraging its users to engage in self-custody, the practice wherein one’s own assets are held by oneself in a decentralized wallet such as MetaMask. Self-custody is a huge plus for many crypto fans since it means they may keep their own private keys to their assets and not be exposed to the risks associated with a centralized firm.