Warner Music Group is partnering with Genies to create avatars and ‘digital wearables’ for the metaverse.
Non-fungible tokens have taken off in a big way in 2021. Artists like Grimes, Shawn Mendes, and Deadmau5 have all offered their own NFT drops. But this marks the first time a major record company has entered the fray with an entire roster of artists.
So far, NFTs have experimented with offering real-world bonuses to purchases. The Kings of Leon NFT album drop offered a ‘golden ticket’ NFT that includes backstage passes to one concert per tour. Labels and record companies are sitting on the sidelines, seeing how indie groups monetize this new revenue stream.
With the new Genies partnership, WMG artists will be able to “produce and distribute virtual beings that facilitate a reach across immersive platforms and metaverses.” Think Travis Scott’s massive avatar raging across the Fortnite Party Royale island, and you’ve got a good idea of what’s in store for WMG artists.
Genies is a huge name in the industry, especially for avatars for the metaverse. It has built avatars for musicians like Justin Bieber, Shawn Mendes, Rihanna, Migos, Cardi B, and J Balvin. Genies also recently launched a 3D avatar and NFT SDK. It allows creators to sell exclusive, limited-edition digital wearables like clothing, accessories, and tattoos.
Users create a Genie avatar that can be immersed in social media platforms – similar to Facebook avatars. Warner Music Group artists and songwriters can turn their artistic endeavors into exclusive digital wearable drops for this community, who want to share their avatars online with others.
“WMG is consistently focused on positioning its artists and songwriters at the forefront of the rapidly growing digital media ecosystem,” says Oana Ruxandra, WMG Chief Digital Officer. “As avatars and their customization become an increasingly relevant avenue for self-expression and merch generates diversified sources of revenue, WMG’s partnership with Genies will enable our artists and songwriters to tap into a new form of self-expression and audience reach.”
Some artists who will benefit from this new partnership include Linkin Park, Wiz Khalifa, Charli XCX, Cher, Paramore, and David Guetta. Think of it like gamers buying digital clothing for their avatars in Fortnite – artists make money from every shirt and accessory sold. It’s a way to monetize the digital world and give fans ways to express themselves with merchandise for their online representation.