If audio NFTs are “up next,” you can count OpenSea and Warner Music Group (WMG) as two parties that are going to be aggressively present on the frontlines. The leading NFT marketplace and record label conglomerate are pairing up, according to a press release that hit the wire on Thursday morning.
Let’s review what we could potentially see from the two as we look ahead.
According to the press release, the initial steps for OpenSea and WMG’s collaborative efforts will include a tailored section on the OpenSea platform for WMG artists, specialized support from the platform in supporting WMG artists building new communities, and an initial special release collection with Warner Records UK and Web3 company, Probably Nothing. Community building is a continued emphasis throughout the partnership press release, allowing clear opportunities for growth for both parties as WMG looks to provide unique value-add assets for their artists, while OpenSea opens their doors to top tier partners in audio-based NFTs (a largely untapped area for the marketplace thus far).
In a statement included in press announcement, WMG’s Chief Digital Officer & EVP of Business Development Oana Ruxandra stated:
“Fundamental to music’s DNA, is community – it’s artists and fans coming together to celebrate the music that they love. Our collaboration with OpenSea helps to facilitate these communities by unlocking Web3 tools and resources to build opportunities for artists to establish deeper engagement, access, and ownership.”
OpenSea has been especially aggressive lately in maintaining it’s multi-chain perspective, adding Arbitrum and Optimism to a growing list of supported chains (which now totals six, with more anticipated to follow). OpenSea has plenty of room for growth despite serving as the undisputed market leader in NFT marketplaces currently. Audio NFTs have been touted as the ‘next wave’ of NFT utility by many, but with lackluster adoption as the music industry has historically been a tough nut to crack when it comes to consumer preferences.
Meanwhile, WMG continues to forge ahead with new web3-related partnerships. In the first quarter of the year, Warner Music signed on with NFT platform OneOf (how that deal intertwines with the OpenSea deal, if at all, remains to be seen), and has taken a particular interest in being engaged early with the web3 and NFT landscapes.
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