OpenSea is the largest NFT marketplace by volume and users in the entire crypto space. On September 29, Warner Music Group (WMG) partnered with OpenSea to give artists a chance to reach a new fan base in the Web3 space.
What does this mean for the music and NFT industries?
The Warner Music Group (WMG)
The Warner Music Group is a large multi-billion dollar multinational music conglomerate headquartered in the United States. According to WMG, certain artists who will be signed by the label will have to create profiles on OpenSea. This will allow them to offer their NFTs to their fans.
This partnership further cements the legitimacy of NFTs. A while back, Chris Brown released his NFTs at an album launch. Unfortunately, the NFT drop was not successful. The pop singer had decided to launch her NFT on Instagram. Most platform users have little to no knowledge about NFTs or their importance. This largely contributed to the failure of the NFT drop.
With the partnership now complete, it will be much easier for artists to complete NFT drops through the OpenSea platform.
While many have taken this news with all the positivity it brings, others seem to think it doesn’t bode good news for musicians.
A partnership between two huge centralized entities cements them as gatekeepers between musicians and audiences, effectively controlling the size of an artist. Music NFTs allow artists to sell their intellectual property to their fans. But with WMG as the custodian, the entity will take a cut of music sales and effectively ensure the interaction between audiences and artists. The status quo of this partnership has nothing to do with the benefit of the artists but WMG and OpenSea are lining their pockets.
Do you think the WMG x OpenSea partnership is good for musicians and crypto? Let us hear your thoughts on Twitter.
Vincent Munene is a freelance writer and blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return he enjoys educating people and keeping them up to date on all things blockchain. He is a biochemist by profession and also enjoys playing the piano.