At the NY:LON Connect conference this January, Warner Music Group’s Jeff Bronikowski talked about WMG’s startup investments “in sectors we want to learn about… it’s more about learning about sectors and adjacent areas”.
The latest example is a fun one: WMG is chipping in to an $11.2m funding round for Dapper Labs, the startup behind blockchain-based game CryptoKitties.
Forbes, which talked to Bronikowski about the new investment, suggests that the label hopes the technology “could be adapted to create unique, tradable merchandise featuring the company’s roster of superstar talent”.
That’s something Music Ally has been interested in ever since CryptoKitties was first making headlines in 2017 with people spending five or six-figure sums on virtual cats: for example in this Sandbox report from May 2018, when we wondered “what might an interesting artist-focused crypto-collectible be?”
Now Warner Music may be finding out: Forbes reported that the label’s blockchain team (yes, it has one) will “work with Dapper Labs to create digital assets using a new public blockchain revealed today, called Flow, that is capable of handling transaction volumes many times more than ethereum”.
This promises to be interesting, even if there’s still a question about just how mainstream these kinds of digital assets will be, breaking out (or not) from the community of existing cryptocurrency owners.
A reminder: you can read our recent in-depth interview with WMG about its startups approach here.