Blockchain ecosystem developer Polygon Labs and music industry giant Warner Music Group (WMG) announced on January 25 two grant recipients for their inaugural Web3 Music Accelerator program.
The Web3 Music Accelerator program was announced back in June 2023 as an attempt to create innovation at the intersection of Web3 and music.
According to WMG, more than 120 applications were submitted from projects working in this specific niche, and the final projects were selected based on criteria such as developing artist and fan communities, decentralized music production and distribution systems, ticketing solutions, collectibles and souvenirs, as well as the integration of music with interactive technologies and games.
Jillian Rothman, vice president of new business and ventures at WMG, said providing “meaningful ways for artists and fans to connect, and for fans to express their fandom” are two key elements of WMG's mission in this area.
Cointelegraph reached out to WMG for further comment on its vision for the future of the industry in the Web3 space.
One recipient is MITH, a fan engagement platform that allows artists to access AI-powered information and analytics while owning their own audience data, which then provides a “360° view” of each fan.
The other is Muus Collective, which creates “fashion experiences” including mobile games, entertainment and digital collectibles.
Related: Thrash metal band Megadeth's community compares Web3 to a “virtual mosh pit” – in all the right ways
Brian Trunzo, head of North American business development at Polygon Labs, said the company is “thrilled” to see decentralized innovation going “fully mainstream” through projects like this.
The Web3 Music Accelerator program provides support from WMG and Polygon Labs, strategic consulting, networking and connections, and marketing and promotion. They also receive support from blockchain infrastructure developers including CertiK, Coinflow, Tatum and others.
WMG is actively pioneering new paths for the music industry using Web3 tools. In December 2022, they first partnered with Polygon and LGND to launch the Web3 music platform.
Around the same time, Polygon also partnered with financial services provider Mastercard to launch a similar Web3 acceleration program for musicians looking to get into the field.