According to a press release, the ideal applicants for the program are "companies and entrepreneurs operating at the intersection of music, technology and Web3."
"They should focus on various areas such as fostering artist-fan communities, establishing decentralized music production and distribution systems, innovating ticketing solutions, exploring music-related merchandise and digital/physical collectibles and integrating music with interactive technology and gaming," the press release adds.
The chosen projects will receive funding from both WMG and Polygon Labs and will also be eligible for mentorship and networking opportunities from experts across the music and blockchain industries.
"By supporting companies and entrepreneurs at the intersection of Web3 and music, we aim to encourage a new era of innovation for the music industry," said Ryan Wyatt, president of Polygon Labs, in a statement.
Over the past year, Polygon has partnered with major brands looking to integrate Web3 technology, including Starbucks, Reddit and Nike. In April, the Ethereum scaling solution teamed up with Mastercard to release free NFTs and launch a Web3 music accelerator program to provide up-and-coming artists with educational tools and mentorship.
WMG has also continued its blockchain expansion in recent months, partnering with blockchain gaming company Splinterlands to develop play-to-earn (P2E) games for its roster of artists and launching a music-focused theme park in The Sandbox metaverse platform. In October, the firm posted a callout on LinkedIn for a senior director of metaverse development.
In December, WMG and Polygon released a series of music NFTs through NFT marketplace LGND.
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