Warner Music Group’s enthusiastic exploration of the Web3 space continues. Its latest NFTs deal is with POAP, a startup whose name stands for Proof of Attendance Protocol.
The company styles itself as a way to create “the bookmarks of your life… digital mementos, minted in celebration of life’s remarkable moments”. Said moments, in the context of this partnership, being musical.
The idea is that artists will distribute these NFTs (known as POAPs) to fans, for example those who attend their concerts.
Kevin Gates was the first WMG artist to try it out in that context at a Red Rocks Amphitheatre concert on 16 April, while fellow Atlantic signing Oliver Tree gave a POAP out to fans joining his album-launch event.
“Dropping a POAP offers artists a fun way to celebrate a show that’s much more permanent than a ticket stub. It’s much harder to lose mementos when they’re minted to a blockchain,” said Isabel Gonzalez, COO at POAP.
Let’s hope hackers don’t take that as a challenge… The deal follows WMG’s other recent NFT partnerships: with Splinterlands, OneOf, Blockparty and Genies. It is also an investor in one of the leading lights of the NFTs world, Dapper Labs.