Warner Music Group (or WMG) is planning a future of virtual concerts in the metaverse, announcing that it has partnered with The Sandbox, the upcoming game developed on Ethereum, to open up a music-themed area in the world of online and shared game.
After the announcement made on Thursday (27), The Sandbox (SAND) had a peak of 1% high in 24, reaching $ 3.55, according to data from the CoinMarketCap. But the threat of euphoria was short-lived. On Friday morning (28), the cryptocurrency was down 2.53% to $3.32.
The major label plans to use its virtual LAND lands in the game to create a space that acts both as an amusement park and a stage for artist concerts. It is the first label to secure a spot in a metaverse game.
Warner did not disclose which artists will play and/or appear on The Sandbox.
The label has a total of hundreds of artists signed to its various labels, including Atlantic, Elektra, Warner Records and Parlophone, such as Ed Sheeran, Lizzo, Meek Mill, Weezer and the Red Hot Chili Peppers.
The Sandbox is a metaverse game powered by Ethereum that allows players to acquire LAND lands sold as non-fungible tokens (or NFTs), which can be customized and even monetized in-game.
In recent months, sales of virtual land have soared after Facebook’s big metaverse announcement. During a week in late November, investors acquired more than $100 million worth of virtual land, the vast majority of which was land in The Sandbox.
The game’s creators already have partnerships with over 200 brands and celebrities, including Snoop Dogg, The Walking Dead, Adidas, Atari, Steve Aoki and The Smurfs.
In March, The Sandbox will hold a land sale to allow users to purchase lots adjacent to those owned by WMG.
“There is so much opportunity here,” said Oana Ruxandra, chief digital officer and vice president of business development at WMG, in an email to Decrypt.
Artists can sell NFT collectibles on The Sandbox, for example, including assets that unlock access to exclusive perks or experiences.
The rep also mentioned virtual concerts, “listening parties” (or events to listen together to some new music content), award ceremonies and other live integrations within the game.
“We’re also looking at things like bespoke experience design and game development which will obviously be a more limited but super exciting opportunity,” added Ruxandra.
Snoop Dogg, who releases albums through his own Doggy Style Records label, has done something similar on The Sandbox.
He has distributed and sold NFT party tickets for an upcoming show in the metaverse, released NFT avatars for purchase, and sold LAND land near his in-game property. A plot of land sold for nearly $450,000 in cryptocurrencies.
In April, WMG announced a partnership with Genies, a startup that creates cartoon avatars and sells them on Dapper Labs’ Flow blockchain. The alliance will make WMG artists become Genies avatars.
*Translated and edited by Daniela Pereira do Nascimento with permission from the Decrypt.co.