Warner Music Group is one of the three main record labels for the music industry, representing artists like Ed Sheeran, Coldplay, and Dua Lipa. Warner has announced a new partnership with OpenSea, one of the largest NFT marketplaces, indicating the record label is exploring more deeply how Web3 can impact the music industry.
The main goal of this partnership is to bring Warner artists closer to Web3, with OpenSea giving them early access to new products, tools, and resources. This should benefit artists who are trying to get closer to their fans through things like NFTs and other Web3 technologies. For OpenSea, this partnership helps the marketplace gain more legitimacy with some of the world’s biggest artists.
The first project from this partnership is NFT Label Passes created for celebrity chef Jeremy Fall’s Web3 startup, Probably Nothing. Pass owners will get various benefits such as the ability to license songs from a members-only community music library, to create and own stakes in community-generated content, to attend exclusive live events with artists, to access upcoming music drops, and more.
For both Warner and OpenSea, this relationship should hopefully bring a competitive advantage. Artists who want to explore Web3 might be more inclined to sign with Warner and music fans looking to buy, sell, and trade NFTs might be more inclined to go to Opensea. At the very least, this kind of announcement makes NFTs a lot more legitimate to executives in the music industry.