The platform, called LGND Music, will support digital collectibles from any blockchain even though it has Polygon as its main partner.
Web3 music platform LGND Music is being developed by e-commerce and interactive platform developer LGND.io in a multi-year partnership with blockchain network developer Polygon and global entertainment company Warner Music Group.
The music and collectibles platform LGND Music, set to debut in January 2023, is intended to support “digital collectibles from any blockchain in a proprietary player,” enabling users to play their digital collectibles while on the go.
Select Warner Music Group artists will be able to introduce digital collectibles thanks to the relationship on both the app and desktop platforms. Additionally, creators will be able to communicate with their following through curated experiences and exclusive material.
Lower gas costs and quicker transactions will be offered by the platform, which will be built on Polygon. With a range of features, LGND Music aims to enable music collectors to take part in a decentralized ecosystem based on complete ownership of digital assets.
The platform will be simple to use, even for users who are unfamiliar with cryptocurrencies or digital collectibles, the company claims, and “users of the platform will also be able to buy and fully own music tokens and easily get started with digital collectibles by building a collection.”
The Web3 infrastructure appears to have great promise for integrating music. Before Web3-based music services like LGND Music were developed, musicians were utilizing the potential of nonfungible tokens to convert their listeners into devoted communities.
The development of a Web3-based music platform has the potential to upend the entire music business and open up new avenues for creators and artists to invent and monetize their works.
According to Goldman Sachs, the global music market could be worth $131 billion by 2030, with a sizable chunk of that potentially being incorporated into Web3 environments.
Following the announcement of a partnership with OpenSea to enable a select group of musical artists to increase and expand their fanbase on the NFT marketplace, Warner Music Group has now joined forces to create LGND Music.
