Less than a week after announcing a partnership that could lead to an increased involvement of its artists with NFTs and the metaverse, Warner Music Group Corp (NASDAQ:WMG) is announcing another NFT related partnership.
What Happened: Warner Music Group on Monday said it has partnering with OneOf, a NFT platform backed by Quincy Jones.
Under the partnership, Warner Music Group will create exclusive NFTs for artists across the WMG portfolio.
“Web3 is a massive leap forward in technology: it will expand the scale and scope of both human and machine interactions far beyond what we can imagine today,” WMG EVP Oana Ruxandra said.
OneOf is an NFT marketplace designed to cater to the music community, offering music royalties and experiences through the launch of non-fungible tokens.
An NFT featuring unreleased music by Whitney Houston sold for $1 million in December. The OneOf-partnered NFT was the highest price ever paid for an NFT on the Tezos blockchain.
Since its launch in September, OneOf has created NFTs for Houston, Doja Cat, the Game, Chief Keef and others.
The Warner Music Group and OneOf NFTs will use the Tezos (CRYPTO: XTZ) blockchain, which the companies say is more energy efficient than competitors.
Related Link: How To Buy NFTs
Why It’s Important: OneOf announced a three-year collaboration with the Grammy Awards and a partnership with iHeartMedia Inc (NASDAQ:IHRT) recently. The company is positioned to be a leader in the music NFT space with these key partnerships.
“We are thrilled to partner and innovate together with Warner Music Group and use our cutting edge Web3 technology to bring their iconic labels and world-renowned artists to the next 100 million fans on blockchain,” OneOf CEO Lin Dai said.
The move by Warner Music Group follows up on last week’s announced partnership with virtual land company The Sandbox to create the first music-themed world in the gaming metaverse of The Sandbox.
Through the partnership, Warner Music Group will have a musical theme park and concert venue in The Sandbox, which could provide additional opportunities for its artists to perform virtual concerts and connect with their fans.
The Sandbox deal was the first NFT metaverse entry by Warner Music Group. With the new OneOf deal, Warner Music Group appears ready to explore additional NFT opportunities for its artists, something that could put it ahead of its competition.
Warner Music Group represents and holds rights to hundreds of artists including Blake Shelton, Bruno Mars, Cardi B, Ed Sheeran, Gorillaz, Green Day, Kelly Clarkson, Phil Collins, Prince, Rod Stewart and Alvin and the Chipmunks.
“Partnering with OneOf, a leader in the emerging technology space of Web3 and NFTs, gives our artists an edge in more authentically building one-to-one relationships with their fans and winning in the new Web3 economy,” Ruxandra said.
Price Action: WMG shares are up 2% to $42.12 on Monday.
