May 29, 2024
Polygon Labs and Warner Music Group Spearhead Web3 Evolution in Music Industry
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Polygon Labs and Warner Music Group Spearhead Web3 Evolution in Music Industry

Polygon Labs, a leading blockchain ecosystem developer, and Warner Music Group (WMG), a powerhouse in the music industry, have unveiled the two grant recipients for their inaugural Web3 Music Accelerator program. The announcement, made on January 25, marks a significant step in fostering innovation at the intersection of Web3 and music.

The Web3 Music Accelerator program was initially introduced in June 2023 to cultivate advancements within the realm of Web3 and music. With over 120 applications received from projects operating in this specialized niche, the final recipients were selected based on various criteria, including their focus on nurturing artist-fan communities, decentralized music production and distribution systems, ticketing solutions, collectables and merch, and integrating music with interactive technology and gaming.

Jilian Rothman, vice president of new business and ventures at WMG, emphasized the importance of facilitating meaningful connections between artists and fans. She stated, “Providing meaningful ways for artists and fans to connect, and fans to express their fandom are two core elements of WMG’s mission in the space.”

Among the chosen recipients is MITH, a fan engagement platform designed to empower artists with AI-driven insights and analytics while enabling them to retain ownership of their first-party data on their audiences. MITH aims to provide artists with a comprehensive understanding of their fan base, offering what they describe as “a 360° view” of each fan.

The second recipient is the Muus Collective, which focuses on developing fashion-centric experiences, including mobile games, entertainment, and digital collectables, aimed at enhancing fan engagement and interaction within the music industry.

Brian Trunzo, head of business development for North America at Polygon Labs, expressed enthusiasm for the evolving landscape of decentralized innovation. He remarked, “We are excited to see decentralized innovation moving toward becoming fully mainstream through such projects.”

The Web3 Music Accelerator program offers recipients endorsements from both WMG and Polygon Labs, along with strategic advising, networking opportunities, and marketing and promotion support. Additionally, the program receives backing from prominent blockchain infrastructure developers such as CertiK, Coinflow, and Tatum.

WMG has been actively exploring avenues to leverage Web3 tools to redefine the music industry. In December 2022, the company partnered with Polygon and LGND to launch a Web3 music platform, marking its initial foray into the space. Concurrently, Polygon collaborated with financial service provider Mastercard to introduce a similar Web3 accelerator program aimed at musicians seeking to enter the burgeoning Web3 ecosystem.

The announcement of the grant recipients underscores the commitment of both Polygon Labs and Warner Music Group to drive innovation and transformation within the music industry through Web3 technologies.

Image by star5112 on flickr

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