Warner Music Group partners with Genies to create avatars and âdigital wearablesâ for the metaverse.
Non-fungible tokens have seen a huge boom in 2021. Artists like Grimes, Shawn Mendes, and Deadmau5 have all come up with their own NFT drops. But this is the first time that a major record label has entered the fray with a full roster of artists.
So far, NFTs have experimented with offering real bonuses to purchases. The Kings of Leon NFT album release offered an NFT âGolden Ticketâ that includes behind-the-scenes passes for one gig per tour. Labels and record companies are sitting on the sidelines, seeing how independent bands are monetizing this new source of income.
With the new Genies partnership, WMG artists will be able to “produce and distribute virtual beings that facilitate reach on immersive platforms and metavers.” Think of the huge Travis Scott avatar raging on the island of Fortnite Party Royale, and you’ve got a good idea of ââwhat to expect from WMG artists.
Genies is a huge name in the industry, especially for Metaverse avatars. He has created avatars for musicians like Justin Bieber, Shawn Mendes, Rihanna, Migos, Cardi B and J Balvin. Genies also recently released a 3D avatar and an NFT SDK. It allows designers to sell exclusive, limited-edition digital clothing like clothing, accessories and tattoos.
Users create a Genie avatar that can be immersed in social media platforms, similar to Facebook avatars. Warner Music Group artists and songwriters can turn their artistic endeavors into exclusive digital portable drops for this community, who want to share their avatars online with others.
âWMG is constantly focused on positioning its artists and songwriters at the forefront of the growing digital media ecosystem,â said Oana Ruxandra, Chief Digital Officer of WMG. âAs avatars and their personalization become an increasingly relevant avenue for self-expression and as merch generates diversified revenue streams, WMG’s partnership with Genies will allow our artists and songwriters to tap into a new form of self-expression and of reaching the public. “
Among the artists who will benefit from this new partnership are Linkin Park, Wiz Khalifa, Charli XCX, Cher, Paramore and David Guetta. Think of it like gamers buying digital clothes for their avatars in Fortnite – performers make money with every shirt and accessory sold. It’s a way to monetize the digital world and empower fans to express themselves with merchandise for their representation online.