Polygon Labs & Warner Music Group: Web3 Evolution in Music Industry

Polygon Labs and Warner Music Group (WMG) have announced the recipients of their inaugural Web3 Music Accelerator program. The program, introduced in June 2023, aims to foster innovation where the music industry intersects with Web3 technology. WMG received over 120 applications for the program and selected projects that focused on various aspects such as nurturing artist-fan communities, decentralized music production and distribution systems, ticketing solutions, collectibles and merchandise, and integrating music with interactive technology and gaming. WMG believes that providing meaningful connections between artists and fans is crucial to its mission. The company’s vision for the future of the industry in the Web3 space is still unclear.

One of the grant recipients is MITH, a fan engagement platform that allows artists to gain AI-driven insights and analytics while retaining ownership of their audience data. This platform provides a comprehensive view of each fan, known as a “360° view.” The other recipient is the Muus Collective, which is focused on developing fashion-related experiences, including mobile games, entertainment, and digital collectibles. Brian Trunzo, head of business development for North America at Polygon Labs, expressed excitement about seeing decentralized innovation move towards mainstream acceptance through projects like these.

The Web3 Music Accelerator program offers support and resources to its recipients, including endorsements from both WMG and Polygon Labs, strategic advising, networking opportunities, and marketing and promotion assistance. The program also receives support from blockchain infrastructure developers CertiK, Coinflow, and Tatum. WMG has been actively exploring Web3 tools to pave new paths for the music industry. In December 2022, the company partnered with Polygon and LGND to launch a Web3 music platform. Around the same time, Polygon partnered with financial service provider Mastercard to establish a similar Web3 accelerator program for musicians seeking to enter the space.