Tuesday, January 31, 2023
  • Web3 Music, or NFT Music, merely incorporates blockchain technology to design platforms that offer more efficient and durable streaming services.
  • LGND is a unique platform that is built explicitly by artists for artists.
  • It has partnered with Warner Music Group and LGND to establish one of the few Web3 Music platforms, LGND Music.

Blockchain technology is considered one of the most flexible and advanced forms of ingenuity in the tech world. Initially, many thought it was just good for a decentralized ledger system, but we couldn’t be more wrong. Innovators have proved time and time again that decentralization is applicable in numerous aspects of our lives. It started with crypto, and slowly NFTs came to be and now the Metaverse is applying various aspects of blockchain technology. In addition, other sectors like governments, healthcare and even the real estate industry have discovered that blockchain-based technology is beneficial. It provides an above-average efficiency, and its decentralized nature gives it an innate security feature. However, the most creative application of blockchain technology is the development of Web3 Music. Yes, music platforms that incorporate blockchain technology. In recent news, Polygon, Warner Music and LGND Music have partnered to dive into this unique concept of Web3 Music.

What is Web3 Music

Web3 is a new concept for decentralization through blockchain technology, so how does it merge with the music industry to form Web3 Music? You’d be surprised that blockchain technology is more versatile than you think. Web3 Music, or NFT Music, merely incorporates blockchain technology to design platforms that offer more efficient and durable streaming services. Nowadays, most individuals use Spotify or Apple Music, but many need to know that these applications are not so friendly to individual artists. 

One of the main goals o blockchain and Web3 is to empower the individual user rather than the overall authority. Thus Web3 Music is a means to increase peer-to-peer P2P interactions. Due to this, individual artists can gain control of their art and, more importantly, their compensation.

Also, Read EasyFi network: Polygon Project that ushers third-generation DeFi.

In standard applications, the amount of money their art earns has more than one beneficiary. The steaming application takes their cut, then the price of using their account is deducted, and by the time the artists turn, a significant chunk of the profits are gone. Web3 Music aims to cut the unnecessary third parties and merely take a small cost for maintenance. In addition, Web3 music platforms can provide rewards and special incentives for creators and consumers.

LGND Music

LGND partners with Polygon and Warner Music Group to launch a new music platform that utilises blockchain technology, creating a Web3 music platform.[Photo/Reddit]

There are various Web3 music platforms, such as;

Who are LGND

LGND is a unique platform that is built explicitly by artists for artists. Matt Lockwood initially founded the franchise to empower artists worldwide and provide a platform to present their stories, culture and struggles and showcase for the world to witness.

It is a premiere marketplace and auction house for artists to display and sell their artwork to the global community. It also incorporated the buying and selling of NFT, attracting various esteemed NFT collectors from all over the digital globe.

Artists create a new word or provide a digitized version of an existing art piece, and LGND mints their work and add a price tag. This organization incorporated blockchain technology to provide certification or identification. In addition, it also accepts payments in cryptocurrency, making it an ideal venture within Web3.

LGND uses blockchain technology to perpetuate artwork on a ledger which is publicly displayed for all to see. Any purchase results in the same transfer of identification as in any blockchain-based transaction. 

Warner Music, Polygon and LGND partner to provide a Web3 Music platform.

With the consistent innovations and partnerships occurring in 2022 alone, multiple organizations have sought cooperation rather than stiff competition. Polygon, a renowned Ethereum-based blockchain technology, has taken its next initiative to climb the top.

It has partnered with Warner Music Group and LGND to establish one of the few Web3 Music platforms, LGND Music. Warner Group Music is a global music and entertainment company that expressed its interest in hopping on to the new technological revolution of blockchain. Thus the three organizations officially established LGND Music, a platform that merges the market(LGND), the Music (Warner Music) and blockchain technology(Polygon).

Also, Read How the African NFT market is surviving the crypto crash.

According to reports, LGND Music is another music platform that incorporates blockchain technology that facilitates and supports innovative Music and digital collectables. Warner Music provides various artists with the platform to pioneer the establishment of ‘new-generation’ artists who will launch various digital collectables through the platform. This strategic move will allow fans to enjoy unique content and experience from their favourite artists.

 LGND Music is built on Polygon To ensure seamless transaction and experience, which offers low gas fees and faster transactions.

Party Views

According to Micheal Rockwell, LGND is thrilled to finally announce this monumental and ground-breaking partnership with Warner Music Group and Polygon. Over the past year, their team worked tirelessly to ensure they deliver the best-in-class blockchain experience for all music lovers. Combining the unique content from WAnrer Music Group and Polygon’s scalability and reachability will significantly expand Web3 Music and the ecosystem.

Oana Ruxandra, Chief Digital Officer of WMG, stated that they are incredibly excited about how the evolving technology is changing and challenging the music industry. By taking advantage of the opportunities, Web3 Music provides, it can improve and grow its artists. Fully embracing blockchain technology and partnering with LGND WMG is ecstatic.

Similarly, Polygon CEO Ryan Watts stated that Web3 Music could revolutionize both the Web3 ecosystem and the music industry. Blockchain technology can change the way individuals experience Music. Embracing its functionalities and collectables is the first step in its evolving state.

Conclusion

Polygon, Warner Music and LGND are taking the initiative to go where few have. Success is seeing what others do not. A decade ago, no one would have fathomed that the music industry would one day embrace decentralization. Fortunately, with the dawn of the 4th industrial revolution, the possibilities are only limited to our mindset. LGND Music is among the first innovative concept for blockchain and will usher in new milestones.

Also, Read about African Artists using NFTs to promote their culture to the world.

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