A new online platform, LGND Music, will debut in the next month and offer customers the chance to listen to and buy their favorite tracks as NFTs, as well as buy other exclusive collectibles from their favorite artists.
LGND is going to provide apps for both smartphones and desktop computers for NFT interactions, similar to iTunes, but with a Web3-based experience. Additionally, music non-fungibles from other marketplaces will also be supported, the company says.
It is important to note, however, that all NFT transactions made through the platform’s iOS application will be charged Apple’s in-app purchase fee of 30%, an LGND representative said.
The artists (and labels) releasing NFTs via LGND have yet to be announced by Warner Music or LGND; however, the well-known label Spinnin’ Records of WMG will certainly be involved. Among its artists are David Guetta, Tiesto, and Robin Shultz, the top names of the electronic music scene.
Probably more than other genres, EDM has embraced blockchain and Web3, a trend WMG plans on continuing. Dillon Francis, Steve Aoki, 3LAU, and Deadmau5 are among some of the leading figures in the electronic music industry who have been serious about NFT technology.
However, LGND does not necessarily intend to encourage users to utilize self-custody. Many cryptocurrency enthusiasts consider self-custody to be one of the most important features of Web3, as it allows users to hold their own private keys without being exposed to risks associated with centralization.
In platforms that cater to mainstream customers like LGND, self-custody and cryptocurrency wallets have a reputation for being overly complex or not necessary.
According to the company’s website, LGND Music won’t require its customers to link their wallets in order to use the service. Users’ assets will be kept secure in their collections. The option of connecting a personal wallet will, however, be available for those wishing to keep their tokens on their own.
Ryan Wyatt, CEO of Polygon Studios, called the partnership between the company and Warner Music Group and LGND an important development in the entertainment industry.
“Our approach to owning and enjoying music is changing as we fully embrace the concept of decentralization and NFTs,” CEO concluded.
It has been a busy year for Warner Music Group in terms of Web3 partnership agreements. In January, the label disclosed that it would bring virtual concerts and shows into The Sandbox, and in February, it partnered with the cryptocurrency game Splinterlands to develop games centered around its artists. In addition, it partnered with industry-leading Ethereum-based NFT platform OpenSea to help artists join Web3.