Polygon Labs, the entity behind Polygon (MATIC), has partnered with the Warner Music group to power a music accelerator program. The program aims to support developers of music-related projects and dApps. The Polygon network will serve as the launch pad for these projects.
Who Can Apply for the Program?
A music accelerator program provides funding, mentorship, and support to start-ups or entrepreneurs that are developing innovative solutions for the music industry. The goal is to help these projects grow, scale, and succeed in the competitive music market.
According to Warner Music, the ideal candidate for the accelerator are those working at the intersection of music, technology, and Web3. Applicants should be obsessed with music and are looking for ways in which Web3 can foster value for creators and artists. Polygon and Warner are looking for projects in the following areas.
- Projects on Decentralized Music Production & Distribution
- Music Merchandise / Phygitals (blending digital and physical experiences)
- Blockchain Ticketing
- Music & Immersive / Interactive Tech & Gaming
What is remarkable is the interest of the Warner Music Group in decentralized music production and distribution. The entertainment company seems to be moving away from the traditional way of creating and distributing music. Aside from that, they are also looking at combining physical and digital merchandise for consumers. Blockchain ticketing has been adopted by other companies, but its adoption by an entertainment industry giant is good for the whole crypto space.
How will the Polygon and Warner Program Benefit Music Makers and Consumers?
Aside from the support from an entertainment giant and a top blockchain platform, artists can benefit from this project in several ways. Artists can create and sell their music NFTs on a Web3 platform powered by Polygon and Warner Music Group. A decentralized music platform allows collaboration between artists and fans. Creators can engage with fans by issuing tokens and offering exclusive access to content or events. There is also a market for concerts based in the Metaverse.
On the other hand, fans will have a variety of artists they can choose from, some of whom are not available on mainstream platforms. NFT holders can also showcase their collections and interact with other collectors on the metaverse. Transaction fees can be kept to a minimum thanks to the cheap gas fees on the Polygon Network.
Polygon Keeps on Building
The Polygon Network just keeps on building, despite all the FUD surrounding the crypto industry. The Warner Music Group’s decision to use Polygon as its blockchain partner is a testament to its confidence in one of the largest layer-2 networks. Polygon is no stranger to partnerships with big traditional companies like Starbucks and Nubank. These big names employ researchers to make sure that they investing money in the right places. And it seems like they have concluded that blockchain is the future, whether they are ready or not.
Source: Warner Music
Featured Image from Pixabay
