Animoca Brands subsidiary The Sandbox has partnered with Warner Music Group (WMG) to create a concert venue and musical theme park within the metaverse, WMG said in a press release on 27 January.
According to the announcement, the “Warner Music Group LAND” will be placed on a plot of land in The Sandbox gaming metaverse, and will be the host of concerts and live events featuring WMG represented artists, such as Atlantic, Warner Records, Elektra, and Parlophone. The venture will be WMG’s first entry into the non-fungible token (NFT) metaverse, with the goal of creating an immersive social experience for fans and artists. The chief digital officer of WMG, Oana Ruxandra, said in a statement:
“Our partnership with The Sandbox adds a new layer of possibility in the metaverse, with the ownership of virtual real estate. As a first-mover, Warner Music has secured the equivalent of beachfront property in the metaverse. On the LAND, we’ll develop persistent, immersive social music experiences that defy real-world limitations and allow our artists and their fans to engage like never before.”
By creating a virtual music venue, WMG not only hopes to provide its artists with an additional outlet to engage with their fans, but also give them the opportunity to explore new revenue streams. To celebrate its partnership with WMG, The Sandbox also revealed in its own press release that it is planning to hold a LAND sale in the near future, enabling fans to buy LAND plots adjacent to the WMG property.
WMG is just the latest in a long list of The Sandbox partners, which already includes Snoop Dogg, Steve Aoki, Adidas, and Atari. It is also one of the most popular metaverses, with its native token SAND having a market capitalization of $3.2 billion. The Sandbox is also popular with investors, having raised $93 million in a Series B funding round back in November, which saw participation from companies such as SofBank, Galaxy Interactive, SCB 10X, LG Technology Ventures, and Samsung Next.