Warner Music is entering into the blockchain industry
Warner Music has partnered with Splinterlands to tap the GameFi and Play-to-Earn by collaborating to allow artists to create and develop play-2-earn blockchain-based games. Warner Music has undertaken this endeavor primarily to diversify revenue sources from its assets and thus the music behemoth has added blockchain-based games to its portfolio. The two firms will work to provide Warner Music Group artists with the opportunity to design and invent new, play-to-earn, arcade-style blockchain gaming. Warner Music represents artists such as Ed Sheeran, Dua Lipa, and Michael Bublé. Splinterlands presently handles Splinterlands, the most prominent most successful blockchain gaming dapp (decentralized app).
Chief Digital Officer & EVP, Business Development of the Warner Music Group, Oana Ruxandra, said:
“I don’t think we can underestimate how massive the opportunity around P2E gaming is. By partnering with Splinterlands to build custom tokenized games, we’ll unlock new revenue streams for our artists who have an interest in the space while elevating the role of fandom and community. As the Web3 ecosystem continues to evolve, WMG is committed to making sure music is front-and-center.”
Play-to-earn games use blockchain solutions to provide gamers with legitimate prizes, such as NFTs. As per Dappradar, blockchain-based games account for 50% of the whole blockchain industry’s consumption. Warner Music Group and Splinterfields envision play-to-earn as a significant economic element for gameplay and cryptocurrency ecosystems.
GameFi - the Next Frontier for Big Entertainment
Since its modest beginnings, the gaming industry has evolved significantly. Those who recall playing Super Mario on a 16-bit gaming console are conscious of how this once-simple business has blossomed into a treasure mine of emotionally-charged, engrossing virtual reality games that reward accuracy and strategy.
Since their avatars are tailored to their personalities, massively multiplayer online games (MMOs) like PlayerUnknown’s Battlegrounds (PUBG) need players to live in a fair universe. According to experts, gaming is expected to be the first significant application case for blockchain, reshaping the sector and rendering gaming more engaging than ever before. The way gaming overcomes the lingering roadblocks will serve as a model for other businesses seeking widespread blockchain implementation.
When it became evident that cryptocurrency wasn’t the only blockchain application, it was hailed as a game-changer. Today, its game-changing applications appear to be creating more buzz than reality, and many people believe it is exaggerated.
GameFi is a combination of “gaming” and “finance” put together. It blends cryptocurrency, blockchain, non-fungible tokens (NFTs), and gameplay mechanics to build an online world where users may engage and generate income. GameFi is based on the “play-to-earn” concept. This notion is providing economic rewards to players in exchange for their playing and progressing through levels in games. Some blockchain games generate enough profits for players to make a full-time living while playing. Decentralized finance (DeFi) mechanisms can be combined with these online gaming projects. The blockchain-based distributed ledger is used to start gaming ventures such as these. This implies that all items received by gamers remain their absolute property.
Currently, deals involving specific digital products tokenized as NFTs generate billions of dollars in blockchain games. This vibrant industry has pushed some gamers to forgo their jobs and make a life discovering metaverses and dealing in collectibles.
Splinterlands is an example of a venture that aided in developing the P2E movement. It is a collectible card game based on the Hive ecosystem, developed by a substantial number of users primarily through hearsay. It has over 800,000 daily members who contest for and trade NFTs, as well as goods purchased with the game’s native currency- Dark Energy Crystals (DEC).
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Image credits: Marcela Laskoski and Matty Adame.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.