In an effort to explore innovative partnerships within the web3 arena, Warner Music Group (WMG) has joined forces with blockchain company Polygon Labs to introduce a music accelerator focused on web3 technology.
The dynamic duo opened submissions for the accelerator recently, targeting startups operating within five specific sectors. These include artist and fan communities, decentralized music production and distribution, music merchandise and 'phygitals' (physical digital products), blockchain ticketing, as well as music-related immersive, interactive tech, and gaming.
The chosen projects will enjoy funding from both WMG and Polygon Labs. In addition to financial support, they will also receive marketing and other assistance, with applications being evaluated on a rolling basis.
This collaboration is not WMG's first foray into the web3 domain. The music giant has existing partnerships, and in some cases, investments with several web3 ventures such as The Sandbox, DressX, LGND Music, OpenSea, Authentic Artists, Splinterlands, POAP, OneOf, and Genies. Moreover, WMG has its unique ventures within the space, including the Stickmen Toys project and the Probably A Label imprint.
The recent move to launch a web3-focused music accelerator marks WMG's continued commitment to leverage blockchain technology and decentralization to reshape the music industry. As blockchain technology becomes increasingly intertwined with various industries, collaborations like this one reflect the music industry's proactive approach towards the adoption of next-generation technologies.
