Warner Music Group (WMG), a major global record company and music publishing company based in New York City has announced a collaboration with DressX, a digital fashion platform to develop virtual merch or “verch” for fans of creators to wear in the metaverse.
Although the artists involved are yet to be revealed, the collaboration will make it easy for fans to access items like digital concert T-shirts and hoodies which will be available in 3D and augmented reality, and also shareable on social media sites like Instagram and Snapchat.
The DressX platform allows users to list and sell their clothing and accessories and uses blockchain to ensure the authenticity and provenance of the items being sold.
As per the agreement with WMG and DressX, WMG is expected to invest funds in DressX, the amount of money to be invested has however not been disclosed. It is worth noting that WMG is well-known for signing and promoting a diverse range of popular artists, including Ed Sheeran, Cardi B, Bruno Mars, and Coldplay.
The report also hinted that the project’s design will be determined by individual artist style and preference with no restrictions on what the design might look like. WMG artists will also benefit from the collaboration as it will boost their finances when fans show their support when artists are performing in the digital arena.
WMG in the Web3 Ecosystem
WMG is already interacting with the Web3 industry to promote and sell its music and products. The firm collaborated with OpenSea, an NFT marketplace as it makes a groundbreaking entry into the NFT world.
As part of the partnership, OpenSea will provide a platform for chosen WMG artists to establish and extend their fan communities in Web3. WMG artists would get first access to new drops from OpenSea.
WMG is also trying to establish stronger ties in the Web3 and metaverse. The organization announced in a report that it wants to grow its staff by hiring individuals who can work on initiatives related to the Web 3.0 ecosystem.
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