LGND, an e-commerce and interactive platform developer, has announced a multiyear collaboration with blockchain network developer Polygon and worldwide entertainment business Warner Music Group to establish LGND Music, a Web3 music platform. LGND Music, which is set to begin in January 2023, is a music and collectibles platform that will enable digital valuables from any blockchain in a proprietary player, allowing users to enjoy their digital treasures on the move.
Select Warner Music Group artists will be able to launch digital collectibles on both the app and desktop platforms because of the relationship. Creators will also be able to communicate with their fans through tailored experiences and exclusive material. The platform, which will be based on Polygon, will have reduced gas expenses and speedier transactions.
LGND Music intends to provide several features that will allow music collectors to engage in a decentralized economy based on complete ownership of digital assets. The potential for music to integrate into the Web3 ecosystem is intriguing, as musicians have long used nonfungible tokens to convert their fans into devoted communities. Web3 music platforms could disrupt the music business by opening up new avenues for creators and artists to develop and monetise their work. According to Goldman Sachs, the worldwide music business might be valued 131 billion USD by 2030, with a large percentage of that being incorporated into Web3 settings.
Movement of Polygon Since Joining the Market
(Source: Trading Economics)
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