Blockparty, a digital collectibles platform based in New York, inked its first major deal. According to various reports, the company has signed up with Warner Music Group, helping to bring WMG into the metaverse. Here’s what’s going on:
Blockparty Signs Deal with WMG
As mentioned above, the deal inked with WMG marks Blockparty’s first major label deal, but it’s not the first time WMG has shown interest in the non-fungible tokens (NFT) space. In April of last year, the music label signed a global partnership with Genies, a company that calls itself the world’s largest avatar technology firm.
So, why does WMG want to work with Blockparty?
Well, the company has created a new class of digital collectibles across art, music, and sports that will give users the ability to share and earn value together.
The new partnership means that WMG artists will have access to cutting-edge Web-3 technology in the world of NFTs. The artists will be able to use the company’s decentralized exchange, which is a community-focused trading platform designed to allow collectors to swap digital assets in a way that hasn’t existed in the past.
The platform is also the first to give artists and creators the ability to participate in NFT swaps.
Moreover, the platform supports bundles, giving artists and collectors the ability to combine existing NFTs to swap, trade, or sell.
At the same time, Blockparty helps to cut out the middleman. This gives creators artists, collectors, and fans a way to connect directly like never before.
So, when will the NFT drops start?
Well, there’s not much information on the when side of the coin, but the who is already out there. Under the partnership Warner Music’s famed Finland artist, STIG, will be releasing a series relatively soon.
In a statement, Oana Ruxandra, Chief Digital Officer and Executive Vice President of Business Development at WMG, had the following to offer:
As technology and consumption patterns evolve, it’s imperative that we equip our artists and songwriters with all of the tools they need to participate in the virtual economy.
The above statement was followed up by Vladislav Ginzburg, CEO at Blockparty. Here’s what he had to offer:
“We’re elated to be working with Warner Music Group, a company that continues to sit on the edge of technological and entertainment-based innovation.
“We look forward to tapping into our expertise and creativity as we work with individual artists to ensure they have all of the tools they need to participate in Web3 and do so in ways that are unique to them, their brand and their communities.
“Early access to our DEX will give WMG artists the ability to both expand their audience to reach Web3 enthusiasts, and foster deeper connections with their existing community by amplifying fan experiences.”
The Bottom Line
The bottom line here is simple, NFTs have the potential to change the music industry and the big dogs in the space know it. That’s why WMG is diving in, and it’s not the first big brand in the music industry to do so. All in all, music in the metaverse will be big business and the big dogs aren’t leaving the opportunity sitting on the table.