No more JPEGs, Warner Music wants to develop musical NFTs

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, like the JEPGs of monkeys from the Bored Ape Yacht Club (BAYC) or 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 set out to create non-fungible tokens (NFT) music.

Warner Music gets into musical NFTs

The third largest music label in the world, Warner Music Group (WMG), recently announced that it is getting into music NFTs. To do this, WMG has partnered with a giant in the sector. Indeed, in order to carry out this project, the music publishing house has entered into a partnership with the NFT purchase and resale platform: OpenSea.

This massive partnership between these two behemoths demonstrates that the adoption of technology continues to thrive, regardless of the state of the market. As a reminder, since the beginning of the year, NFTs have experienced a significant drop in value following the fall in the price of cryptocurrencies.

If Warner Music seems interested in the technology, it’s because it offers new possibilities in the music industry.

NFT: a new way of consuming music?

Through this collaboration, the company intends to develop a web3 platform dedicated to the label’s artists. This future platform aims to reduce intermediaries in the distribution of music. The music platform will offer artists the opportunity to build a web3-style community.

Currently, in order to market a project, beginning artists face several obstacles that reduce their chance of getting paid. Between the lack of transparency of certain streaming platforms or even aggregators, an unrecognized singer has difficulty distributing his project.

By using NFTs, Warner Music wants to develop a new, more direct business model between the composer and the end 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 aficionados, namely to eliminate intermediaries and carry out peer-to-peer transactions.

“NFTs represent a new creative medium and mechanism for building community, engaging directly with fans, and expressing oneself across borders and languages.” explains Shiva Rajaraman, Vice President of Products at OpenSea.

The platform should also highlight several artists. A support developed by the Opensea teams will accompany the artists in their NFT creations, so that they can found 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 necessary to welcome Warner Family artists into the exciting NFT ecosystem.” adds Shiva Rajaraman.

This new adoption has an air of deja vu… Napster, the famous music streaming platform, had also taken the step of web3 by announcing to incorporate cryptos and NFTs in its new streaming platform. It remains to be seen whether musical NFTs can be as successful as visual collections, without being pushed by profile pictures on social networks.

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No more JPEGs, Warner Music wants to develop musical NFTs

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