Polygon Partners with WMG to Advance Web3 Music Projects
- Polygon and Warner Music Group will provide funding and support for selected projects.
- The initiative will prioritize projects focused on using blockchain technology to foster artist-fan communities and develop new methods for the decentralized distribution of music.
Warner Music Group has strengthened its commitment to the blockchain space with a new partnership with Polygon Labs. The global entertainment brand announced on Wednesday that it would launch a music accelerator program in partnership with Polygon. The program will help launch the next wave of blockchain-based music projects as well as onboard new users for Polygon.
As per an official announcement, the music accelerator initiative will focus mainly on projects that combine blockchain technology and music. In addition, the new partnership will prioritize companies leveraging blockchain technology to foster artist-fan communities, develop new methods for the decentralized distribution of music, and provide on-chain ticketing solutions. Polygon will also provide such projects with the necessary digital resources to run.
The announcement states that applicants must possess “strong enthusiasm” for the development of music as well as concepts that go beyond the stage of conception. Successful applicants will be funded by both Warner Music Group and Polygon Labs. The partnership will provide other forms of support to selected projects, including mentorship, marketing, and promotion, strategic guidance, networking, etc.
As per an official statement, interested projects must include pitch decks, evidence of traction, and information about how they plan to use the funding in their application. The program will review applications on a rolling basis.
Ryan Wyatt, president of Polygon Labs, remarked that “by supporting companies and entrepreneurs at the intersection of Web3 and music, Polygon plans to “encourage a new era of innovation for the music industry.”
Oana Ruxandra, Warner Music’s Chief Digital Officer and EVP, Business Development, said in a statement,
WMG is focused on enabling its artists and songwriters to build, activate, engage, and monetize their communities in this next era of music creation and consumption. Through this partnership with Polygon Labs, we look forward to actively supporting the people, protocols, and platforms that are pushing boundaries and helping WMG to reimagine how we use technologies to create, share, and experience music.
Polygon has maintained a strong presence within and outside the blockchain space. The layer 2 blockchain has served as a gateway for mainstream brands seeking to integrate Web3 into their operations. Some of its recent partners include Nike, Starbucks, and Reddit.
Starbucks, Reddit, and Nike are just a few of the well-known companies with which Polygon has partnered to integrate Web3 technology during the past year. Interestingly, In April, Polygon announced that it had collaborated with global payment service Mastercard to offer free NFTs and launch a Web3 music accelerator initiative to give new artists access to resources and support.
There has been a significant increase in the number of partnerships between blockchain firms and mainstream companies over the past few years. For example, WMG has expanded its use of blockchain technology and has partnered with a couple of blockchain projects.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
