Art-based digital asset platform OneOf will be creating NFTs for music artists who are part of the Warner Music Group.
The music industry has been banking on the non-fungible token buzz for a few months now, with some celebrities even purchasing community-owned NFTs worth hundreds of thousands.
However, some artists are now attaching exclusive rewards to their NFTs like song streaming royalties or exclusive access to shows, which gives the digital asset some extra value.
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Based on the report by Variety, OneOf has signed a partnership deal with WMG that will offer fans exclusive NFTs from their favorite artists. OneOf is a Web 3.0 NFT platform that regards itself as "eco-conscious" due to its energy-efficient ways of creating digital assets on the Tezos POS blockchain.
CEO of OneOf Lin Dai spoke on the partnership with WMG and demand for music-based NFTs, stating:
"We are thrilled to partner and innovate together with Warner Music Group and use our cutting edge Web3 technology to bring their iconic labels and world-renowned artists to the next 100 million fans on blockchain."
The platform offers 5 types of NFTs: Green, Gold, Platinum, Diamond, and OneOf. As the name OneOf suggests, collections will have a single NFT with such title, giving the owner exclusive rewards, and access to "once in a lifetime experiences with the artist."
Being a music artist-based NFT platform, song streaming royalties will also be attached to the NFTs. The digital assets will be eligible for purchase via bidding or direct purchase using a credit card.
According to Chief Digital Officer and EVP at Warner Music Group Oana Ruxandra, the partnership with a Web3 NFT platform will give artists "an edge in more authentically building one-to-one relationships with their fans and winning in the new Web3 economy."
Earlier this year, the New York-based rapper Nas released his first batch of NFTs with song royalties from some of his latest albums King's Disease I and King's Disease II.