Warner Music Group has announced that it would collaborate with the world’s largest NFT marketplace, OpenSea, to accelerate its signed artists’ expansion into Web3.
Mega-record label conglomerate Warner Music Group announced on Thursday that it has partnered with the world’s largest NFT marketplace, OpenSea, to speed up its artists’ expansion into Web3. Warner Music has a bevy of signed artists, including Ed Sheeran, Madonna, Cardi B, and Dua Lipa.
Although the collaboration between Warner Music and OpenSea is quite extensive, the projects will not veer away from the NFT space. In fact, the first joint project of the two giants will be an IP-generative NFT Label Pass from Probably Nothing, a Web3 startup.
Details of Warner Music’s Collab with OpenSea
Through Warner Music and OpenSea’s collaboration, artists signed with the record label would be granted early access to new OpenSea products. Moreover, these artists will enjoy improved discoverability in the NFT marketplace and be given dedicated and featured portions on the OpenSea site for upcoming NFT projects. OpenSea team members would also provide specialized support to Warner Music’s artists to help them expand their Web3 fanbases and onboard existing fan communities into the NFT space.
“Fundamental to music’s DNA is community—it’s artists and fans coming together to celebrate the music that they love,” said Warner Music’s Chief Digital Officer Oana Ruxandra in a statement. “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.”
“For artists and musicians, NFTs represent a new creative medium and a mechanism to build community, engage directly with fans, and express themselves across borders and languages,” said Shiva Rajaraman, OpenSea’s vice president of product. “As a massive music fan myself, I’m thrilled to work with a partner who understands the significance of this technology and wants to use it for good—to empower artists to own their fan connections directly. We’re excited to provide the support and infrastructure to help welcome the Warner family of artists into the exciting NFT ecosystem.”
The first NFT collection will consist of NFT Label Pass from celebrity chef Jeremy Fall’s Web3 startup, Probably Nothing. In particular, the NFT Label Pass is for Probably a Label, Fall’s Web3 record label that he launched in August with Warner Records.
Perks of the NFT Label Pass
Holders of the NFT Label Pass will be able to license songs from a members-only community music library. They would also be able to create and own stakes in community-generated, IP-backed virtual artists and attend exclusive live events—artist meet-and-greets and dinners with music executives. Moreover, NFT Label Pass holders would get access to Probably a Label’s upcoming music drops.
Probably a Label’s core mission is to harness Web3 technology to allow artists and their fans to take back music ownership rights. For Fall, Warner Music, a known giant in the traditional music industry, is proving to be a great partner as his label fulfills its mission.
“They are the type of major label that is trying to enter the space the right way and adapt to the current climate, what culture looks like now,” Fall said. “They’re in favor of the artists and pushing the IP conversation forward.”
Apart from music-related benefits, holders of the NFT Label Pass will be granted access to Studio A and Studio B. These are IP incubators where participants can pitch projects leveraging their ownership of select blue-chip NFTs like Bored Ape Yacht Club and CryptoPunks. The studios have the option to develop, finance, market, and co-sign the projects.
“It’s great that in the NFT space, people get IP ownership,” Fall said. “But if you don’t know what to do with that, it’s pretty useless.”
Warner Music is not the only major record company to expand its reach to the Web3 space and capitalize on Web3-related IP in recent months. In May, Universal Music Group (UMG) inked a deal allowing its artists to release NFTs on the revamped LimeWire, which is now a music-centric NFT marketplace. Then, earlier this month, UMG tapped Hit-Boy and James Fauntleroy as songwriters and executive producers for Kingship, a virtual band based on the Bored Ape Yacht Club NFT project.
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