The cryptosphere seems to be beckoning to the who’s who of practically every field. Realizing the potential of blockchain, the latest to drink from the eternal fountain of digitization is the international media company, Warner Music Group. As reported by Forbes, the company is one of the contributing parties in the $11.2 million invested in CryptoKitties, the brainchild of Dapper Labs and would be aiding in the launch of Flow, their new blockchain. Warner, in fact, would also be developing its digital tokens on Flow.
The media behemoth has joined the ranks of Union Square Ventures, Andreessen Horowitz, Venrock, and Digital Currency Group, by making an investment of about $1 million in Dapper Labs.
Decoding Warner Music’s Fascination with Blockchain
Shedding light on Warner’s move, the company’s senior vice president of business development explained Flow’s immense potential in facilitating a unique way of content and merchandise deployment, thanks to its ability to process transaction volumes several times that of Ethereum. Moreover, Dapper Labs can curate authentic merchandise for the company using its CryptoKitties technology and can also facilitate artist engagement.
“The main goal is to create new avenues where the fans of our artists can explore their fandom and engage with the artists in new and different ways that they haven’t done before.”
The initial investment is to be used in the development of Flow and other applications compatible with the blockchain. Meanwhile, the company will share a cut of its stock with the investors. Dapper Labs has also announced its incentive option wherein the investors will be able to spend a part of their investment to avail the services of the Flow platform once it gets approved by the United States Securities and Exchange Commission.
Warner’s fascination with crypto and blockchain doesn’t end here. The company is working actively to flesh out ways in which it can use blockchain to facilitate artist remuneration and connect them with worldwide fans effectively eliminating the intervention of middlemen.