Warner Music Group Dives Into NFT Fray With Genies Partnership To Create Artist Avatars
Warner Music Group entered a global partnership with technology company Genies to create avatars and digital wearable NFTs for WMG artists. While musicians from Deadmau5 to Grimes to Shawn Mendes have dipped into the smoldering NFT trend, WMG’s deal marks the first time a major record company has entered the fray.
The move may be as defensive as it is forward-looking. NFTs have the potential to be big, if currently unstable, business. Indie artist and cryptocurrency proponent 3LAU scored $11.7 million on an NFT of his three-year-old album Ultraviolet. On the other hand, Kings of Leon recently released their latest album When You See Yourself as an NFT, the first band to do so for an entire album—to mediocre response.
Genies also has a partnership with blockchain company Dapper Labs, the maker of the popular licensed collectibles NBA Top Shot, in which WMG is an investor.
See the full story here: https://www.forbes.com/sites/cathyolson/2021/04/30/warner-music-group-dives-into-nft-fray-with-genies-partnership-to-create-artist-avatars/?sh=7e8e9a4c6a9e
