Multinational entertainment and record label Warner Music Group has partnered with the world's largest NFT marketplace OpenSea as the two expand their boundaries in the Web3 industry.

Warner Music Group (WMG) announced the partnership Thursday, adding that it would "provide a platform for select WMG artists to build and extend their fan communities in Web3."

As per the terms of the partnership, WMG artists will have early access to the new NFT drops on OpenSea "along with improved discoverability, personalized storytelling on customized landing pages, and OpenSea's industry-leading safety and security features."

"This would also unlock dedicated support and best practices from the OpenSea team, helping WMG artists build new Web3 communities, and introducing existing fan communities to new forms of connection and creativity powered by NFTs," WSM stated while announcing the partnership.

Interestingly, artists with ties to the WMG will also be provided with a dedicated drop page to host limited-edition projects, and hence, they will be able to increase their reach as well.

"Our collaboration with OpenSea helps to facilitate these communities by unlocking Web3 tools and resources to build opportunities for artists to establish deeper engagement, access, and ownership," said Oana Ruxandra, Chief Digital Officer & EVP, Business Development at WMG.

Warner Music Group also confirmed that its first NFT collection's development is underway, adding that it is being developed by Warner Records UK in collaboration with Web3 company, Probably Nothing.

"We're excited to provide the support and infrastructure to help welcome the Warner family of artists into the exciting NFT ecosystem," said Shiva Rajaraman, OpenSea's Vice President of Product.

Despite a bearish market and a sharp decline in the price of non-fungible tokens, the NFT industry is still attracting the attention of many companies. Recently, Apple confirmed that it will allow the sale of NFTs via the App Store, but the sale will be made in-app, and it will charge a commission of around 30%. Moreover Chiru Labs, the firm behind NFT collection Azuki, recently raised $30 million in a Series A funding round.

WMG
The former headquarters of Atlantic Records’ parent company, Warner Music Group, is pictured in Burbank, Calif., in 2008. The company was purchased by the privately held Access Industries in 2011. Reuters/Fred Prouser
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