LGND Joins Hands with Warner Music and Polygon to Launch Music NFT Platform

Pink bus on cloud playing loud music notes coming out
  • LGND, Polygon, and Warner Music Group have entered into a multi-year partnership to develop LGND music.
  • The platform will support digital music collectibles from any blockchain in a proprietary player.
  • Music collectors will have the opportunity to engage in a decentralized ecosystem.
  • Users can purchase and fully own music tokens on the platform. 
  • LGND will develop its music platform on Polygon to avail of lower gas fees and faster transactions.
  • Over time, Polygon has collaborated with numerous firms to expand its ecosystem.

Popular blockchain infrastructure developer Polygon has entered into a multi-year partnership with LGND, a blockchain-based e-commerce interactive platform, and Warner Music Group (WMG), a renowned entertainment firm, to devise a Web3 music platform, LGND music.

According to reports, the music platform is designed as a music and collectibles platform geared towards supporting digital collectibles from any blockchain in a proprietary player. This makes it easy for users to play their digital collectibles. 

LGND Music, as reported, will be enveloped with numerous features. This paves the way for music collectors to engage in a decentralized ecosystem and will help to enhance the interaction between creators and their fanbase using special content and curated experiences. Furthermore, according to a statement by LGND, the new platform will enable users to buy and fully own music tokens. 

The trio aims to launch the platform next month. Occasioned by the collaboration, artists belonging to Warner Music Group will be eligible to launch their digital collectibles on the app and desktop platforms of LGND music. 

According to the announcement, LGND will develop its music platform on Polygon. Thus it will allow the music NFT platform to avail of lower gas fees and faster transactions.

Polygon Expanding its Ecosystem with Numerous Partnerships

Over time, Polygon has continued collaborating with numerous firms to expand its ecosystem. Recently, Polygon partnered with a leading Indian e-commerce firm, Flipkart. As announced, the partnership created a Blockchain e-commerce Centre of Excellence (CoE). 

A few months ago, it integrated Graph, a decentralized platform for Web3 data index, into its network.  Occasioned by this development, Graph added support for Polygon, thereby allowing its users to rely on fully decentralized APIs to power their decentralized applications (dApps). 

As of press time, Polygon hosts scores of dApps, including Aave, Uniswap v3, OpenSea, and many more. More so, firms like Adobe, Stripe, and Robinhood depend on the network to harness the potential of the emerging web3 space.

On the Flipside

  • This is not the first time WMG has participated in the Web3 space. Earlier, the firm announced a partnership with OpenSea to allow select musicians to extend their fanbase on the NFT marketplace.

Why You Should Care

The Warner Music Group is huge in the entertainment and record label industries. The recent development shows another attempt by big players in the crypto space to mark their presence in music, which may pave the way for more adoption. 

 

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Soumen Datta

Soumen has been a dedicated researcher and writer in the field of cryptocurrencies for the last few years. Even though Indian crypto regulations are still unclear, he believes that India will continue to innovate in the years to come. He loves to play his guitar and sing along in his spare time. He holds bags mostly in BTC, ETH, BNB, MATIC, ADA.