Warner Music Group, the mega-record label conglomerate which includes Madonna, Cardi B and Ed Sheeran as its signed artists, announced on Thursday that it will partner with NFT marketplace OpenSea in order to accelerate its artists’ growth into Web3.
Warner Music artists will have early access to OpenSea products. They will also be more visible on the NFT marketplace. There will also be dedicated and featured sections of the OpenSea website for future NFT projects.
OpenSea team members will provide specialized support to artists
This is in order to help them expand their Web3 fan base and onboard existing fan communities into NFT space.
Oana Ruxandra, Warner’s Chief Digital Officer, stated that OpenSea’s collaboration helps facilitate [fan] communities by unlocking Web3 resources and tools to create opportunities for artists to establish deeper engagement and access.
Warner Records will release the first NFT collection from this partnership in collaboration with Jeremy Fall, celebrity chef and founder of web3 startup, Probably Nothing.
Fall confirmed to Decrypt the Warner Music/OpenSea collaboration would be a release for NFT Label Passes For Probably A Label, his Web3 record label that he launched last month in partnership with Warner Records.
Holders of the NFT Label Pass can license songs from a members only community music library. They can also create and own stakes in community-generated, IP supported virtual artists . This will enable them to attend exclusive live events such as artist meet-and-greets with music executives and access Probably A Label’s upcoming music drops.
Core to Probably A Label is a Web3 technology company whose mission it is to empower artists and fans to reclaim their music ownership rights. Fall believes Warner Music, a giant of traditional music, is a great partner for this endeavor.
Fall stated that they are the type major labels that want to get into the space in the right way and adapt to current culture. Decrypt. They are supportive of artists and push the IP conversation forward.
The NFT Label Pass includes music-related benefits. It also grants holders access to Studio A, Studio B, IP incubators that allows participants to pitch projects that leverage their ownership of selected blue-chip NFTs such as Cryptopunks and Bored Apes. This will allow them to finance, develop, market and cosign.
Fall stated that “It’s wonderful that in the NFT Space, people get IP ownership,” Decrypt. It’s useless if you don’t know what to do.
In recent months, other major record companies have been racing to increase their web3 presences as well as capitalize on Web3-related IP. Universal Music Group in May signed a deal that would allow its artists to publish NFTs on the music-centric NFT platform LimeWire. Universal hired Beyonce’s music producers earlier this month to lead Kingship, a virtual group based on Bored Ape Yacht Club’s NFT artwork.