News hardware No more JPEGs, Warner Music wants to develop musical NFTs
We don’t teach you anything, NFTs regularly take the form of an image (JPEG). The most popular collections testify to this, such as the monkey JEPGs of the Bored Ape Yacht Club (BAYC) or the Cryptopunks. However, the technology is not only used to certify digital image ownership (it could do the same for an mp3 format). Warner Music Group is well aware of this, so the music label has decided to create music with non-fungible tokens (NFTs).
Warner Music enters musical NFTs
The third largest music label in the world, Warner Music Group (WMG), recently announced that it is entering music NFTs. To do this, WMG has partnered with a giant in the sector. To carry out this project, in fact, the music publishing house has entered into a partnership with the purchase and resale platform NFT: OpenSea.
This massive collaboration between these two giants demonstrates that technology adoption continues to thrive, regardless of the state of the market. Recall that since the beginning of the year, NFTs have experienced a significant decline in value following the drop in the price of cryptocurrencies.
If Warner Music seems interested in technology, it is because it offers new possibilities in the music industry.
NFT: a new way to consume music?
Through this collaboration, the company intends to develop a web3 platform dedicated to the artists of the label. This future platform aims to reduce intermediaries in music distribution. The music platform will offer artists the opportunity to build a web3-style community.
Currently, in order to commercialize a project, novice artists face several obstacles that reduce their chances of getting paid. Amidst the lack of transparency of some streaming platforms or even aggregators, an unrecognized singer finds it difficult to distribute his project.
Using NFTs, Warner Music wants to develop a new, more direct business model between the composer and the final listener. With this technology, the artist could distribute his musical project directly, without going through any organization. This is also the main argument of blockchain enthusiasts, which is to eliminate intermediaries and carry out peer-to-peer transactions.
“NFTs represent a new creative medium and mechanism for building communities, interacting directly with fans and expressing themselves across borders and languages.” explains Shiva Rajaraman, Vice President of Products at OpenSea.
The platform is also expected to highlight several artists. A support developed by the Opensea teams will accompany the artists in their NFT creations, so that they can establish real communities of web3 fans. From experience, we know that web3 communities are noisy, like the Bored Ape Yacht Club.
“to provide the support and infrastructure needed to welcome Warner Family artists into the exciting NFT ecosystem.” adds Shiva Rajaraman.
This new adoption has an air of deja vu… Even Napster, the famous music streaming platform, had taken the step of web3 by announcing to incorporate cryptocurrencies and NFT into its new streaming platform. It remains to be seen whether music NFTs can be as successful as visual collections, without being pushed by profile pictures on social networks.