Web3 Music Requires Fresh Ideas to Succeed, Says Warner Music Exec
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AUSTIN, Texas — Celebrities, banks and music labels once embraced non-fungible tokens (NFT), although an extended crypto winter has put a chill on efforts to create more of them. But that’s when Warner Music Group (WMG) decided to dive in.
For the entertainment company’s Chief Digital Officer Oana Ruxandra, digital collectibles are key to moving artists forward. Still, brands shouldn’t create Web3 activations just for bragging rights, Ruxandra said at CoinDesk’s Consensus 2023 event here.
WMG expanded the scope of entertainment when it entered Web3 with major partnerships including metaverse platform The Sandbox and blockchain gaming platform Splinterlands.
Read full coverage of Consensus 2023 here.
It invested in gaming platform Roblox in 2021 and hosted the first-of-its-kind virtual Super Bowl experience in Roblox featuring American rapper Saweetie in February. The event garnered 7.5 millions views and a 91% “like” ratio, a video that played during the panel showed. Digital merchandise was sold at the event also, Ruxandra said.
“A digitally augmented space that is physical as well is a key part of our future,” Ruxandra said.
Web3’s burgeoning relationship with music will continue to live on if artists and creatives in the digital space focus on relevant, future-proof and individualistic ideas, Ruxandra explained.
And not every artist needs to create an NFT project to succeed, Ruxandra added.
“You have to understand who your audience is and start communicating with them generally,” Ruxandra said. “Go where they are and start understanding what they’re looking for.”
She recommended creators communicating with fans or their communities through a physical space or discord channel and social media platforms, plus having a long-term road map. Once you build your community, you can drive them into “these experiences,” Ruxandra said. She also encouraged that the community should be a part of the creation process.