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New York-based international record label conglomerate Warner Music Group is intending to hold virtual concerts in the metaverse.
The company disclosed that it collaborates with the Ethereum-based shared digital space The Sandbox to set a virtual musical world. WMG obtained an estate that will serve as a portal via which some artists partnering with WMG will perform in the Sandbox.
Chief Digital Officer at WMG, Oana Ruxandra, said that the company secured a coastline property in the metaverse. On the LAND, they will deliver social music experiences that eliminate real-world restrictions and provide the possibility for fans to be engaged on entirely another level.
Warner didn't reveal which artists will perform within the place. The Sandbox is an Ethereum-based metaverse game that enables players to buy LAND sold as NFT assets. The NFTs then can be customized and monetized within a game.
The company will provide more information about the LAND sale later. Music fans will be allowed to purchase tokens corresponding to the WMG property. WMG will use its virtual LAND plots in the game to build an environment that is a music-focused amusement park and venue for the artists. It's the first label to secure a place in a metaverse game.
There are over 200 companies and celebrities partnering with The Sandbox. The Sandbox has its native token SAND, which currently trades at around $3.4. SAND has a market cap of over $3 billion.