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What is Blockchain Music and How are Polygon and Warner Doing it?

Published June 29, 2023 4:19 PM
Omar Elorfaly
Published June 29, 2023 4:19 PM

Key Takeaways

  • WMG and Polygon Labs collaborate to help artists gain more value
  • Polygon uses the Ethereum blockchain to enable users to add value 
  • Both WMG and Polygon are gathering partners in different verticals

American multinational entertainment and record label Warner Music Group announced its partnership with Polygon Labs, an innovator in the blockchain industry. The two companies aim to “Power the next great evolution of the music industry through blockchain technology.” 

But, what does that even mean? 

“Build, Activate, Engage, and Monetize”

WMG announced  its partnership with Polygon Labs to launch a “groundbreaking music accelerator program.” The accelerator program aims to empower music creators who want to integrate Web3 and blockchain technologies into their music production and sales. 

“The ideal applicants consist of companies and entrepreneurs operating at the intersection of music, technology, and Web3. They should focus on various areas such as fostering artist-fan communities, establishing decentralized music production and distribution systems, innovating ticketing solutions, exploring music-related merchandise and digital/physical collectibles, and integrating music with interactive technology and gaming.”

Essentially, the accelerator is meant to teach musicians how to utilize technology to not only gain more monetary value for their creations but also find diverse venues in which their music can be integrated.

Eligible candidates will “receive funding from both WMG and Polygon Labs, an industry-leading endorsement from two entities driving the future of music and blockchain”

But, it’s not all about money. Musicians often require guidance regarding how to market themselves, diversify the projects they work on, and find opportunities to learn more about the industry. For that very reason, the collaboration offers eligible candidates “a range of support from the best in the music and blockchain businesses, including mentorship and check-ins, strategic advising, networking and connection creation, and marketing and promotion.”

How To Apply

The press release mentions that interested candidates will need to come up with pitch decks, evidence that their music has a following, and a plan on what they aim to do with the money should they qualify.

“Projects who receive funding will then meet with WMG & Polygon Labs on a quarterly basis to provide updates, review progress, and receive strategic advice.”

“Applicants who meet the criteria should demonstrate a strong enthusiasm for the future of music and possess ideas that go beyond the initial stage of conceptualization. The most competitive candidates will actively engage with or implement their concepts on the Polygon blockchain protocols.”

Interested candidates should use this link  to apply for a chance to participate in the accelerator program.