Warner Music Group is partnering with Genies to create avatars and “digital clothing” for the Metaverse.
Non-fungible tokens have taken a big hit in 2021. Artists like Grimes, Shawn Mendes, and Deadmau5 have all come up with their own NFT drops. But this is the first time a major record label has entered the fray with a full roster of artists.
So far, NFTs have experimented with offering real bonuses to purchases. The Kings of Leon NFT album release offered an NFT “golden ticket” which includes backstage passes to one concert per tour. Labels and record labels are sitting on the sidelines, seeing how indie bands are monetizing this new revenue stream.
With the new Genies partnership, WMG artists will be able to “produce and distribute virtual beings that facilitate reach across immersive platforms and metaverses.” Think of the huge avatar of Travis Scott raging on the Fortnite Party Royale island, and you have a good idea of what awaits WMG artists.
Genies are a huge name in the industry, especially for metaverse avatars. He has created avatars for musicians like Justin Bieber, Shawn Mendes, Rihanna, Migos, Cardi B and J Balvin. Genies also recently launched a 3D avatar and an NFT SDK. It allows designers to sell exclusive, limited-edition digital apparel like clothing, accessories, and tattoos.
Users create a Genie avatar that can be immersed in social media platforms – similar to Facebook avatars. Warner Music Group artists and songwriters can turn their artistic endeavors into exclusive digital portable drops for this community, who want to share their avatars online with others.
“WMG is constantly focused on positioning its artists and songwriters at the forefront of the growing digital media ecosystem,” said Oana Ruxandra, chief digital officer of WMG. “As avatars and their customization become an increasingly relevant avenue for self-expression and merch generates diverse revenue streams, WMG’s partnership with Genies will enable our artists and songwriters to harness a new form of self-expression and reaching out to the public.”
Among the artists who will benefit from this new partnership are Linkin Park, Wiz Khalifa, Charli XCX, Cher, Paramore and David Guetta. Think of it like players buying digital clothing for their avatars in Fortnite – artists earn money with every shirt and accessory sold. It’s a way to monetize the digital world and empower fans to express themselves with products for their online representation.