Yesterday, Bloomberg reported that trading volumes in NFTs have ‘collapsed’ by 97% since their peak in January 2022. Which the music industry could take as a spur to run screaming from the idea of non-fungibles (or, for people who never liked the idea in the first place, to bed in for an enjoyable bout of I-told-you-so-ing). Or it could be a spur to step back, survey the landscape, and lay the groundwork for partnerships that might bear fruit if and when NFTs emerge from the current trough of disillusionment.
No surprises that WMG, which has been one of the most active labels in the web3 space thus far, is choosing the second option. Its latest partnership is with OpenSea, one of the biggest NFT marketplaces. It’ll be giving WMG’s artists early access to its new drops product; their own dedicated drop pages for NFT launches; and other support to help them use its marketplace. WMG’s first collection on OpenSea is currently in development.
In separate news, Supermassiv is the latest NFTs startup looking to work with the music industry. It’s aiming to help artists launch and promote their digital collectibles, while enabling fans to buy them using credit cards if they’re not comfortable with cryptocurrencies. Supermassiv says it has more than 300 artists on its waitlist at launch, with an AWAL partnership in the works too.
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