Following its recent collaboration with OpenSea, Warner Music continues its Web3 journey by signing deals with Web3 startup Probably Nothing.
The collaboration resulted in “Probably A Label,” an NFT collection as well as a project aimed at redefining IP ownership in the music industry via the use of Web3 technology.
The collection, which comprises over 5,000 NFTs, sold out in only 7 minutes following its October 6 release.
7 mins sellout @probablyalabel— jeremy fall (@jeremyfall) October 6, 2022
Each NFT entitles the holder to unique releases from artists (including Grammy Award winners), an IP incubator program, events, and other benefits.
With this collaboration and effort, Warner Records and Probably Nothing hope to transform the music industry by allowing fans to engage and interact more closely with their favorite artists while also receiving special benefits. This will ideally build a community and be advantageous in terms of both intellectual property and mass adoption.
This partnership is another step taken by Warner Music to bring music to a new space and a new way of interacting and entertaining. This builds on previous initiatives, such as its collaboration with POAP to offer digital collectibles minted as NFTs to commemorate significant events, and Warner Records UK’s collaboration with Bose to introduce the Stickmen Toys NFT collection.