Warner Music Group made its first blockchain investment in the startup behind the CryptoKitties sensation, building a new blockchain designed to replace ethereum.
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So, as part of the investment from Andreessen Horowitz, Digital Currency Group, Union Square Ventures, Venrock and others, Bronikowski says Warner Music’s blockchain team will work with Dapper Labs to create digital assets using a new public blockchain revealed today, called Flow, that is capable of handling transaction volumes many times more than ethereum, even while expanding on a number of other blockchain projects.
While Warner’s Boost seed investment fund contributed less than $1 million in the convertible security, the media giant’s presence is notable for the size of the audience at its disposal. Last year the company generated $4 billion revenue following on the back of partnerships negotiated by Bronikowski with both Facebook and Instagram, letting the social media giants use music and images from Warner artists. Dapper is Warner Music’s first blockchain investment.
In addition to Warner’s work with non-fungible tokens, the media company is looking into how cryptocurrency could be used to let fans tip its favorite artists, and testing two different blockchain platforms for directly connecting musicians with their fans without the need of intermediary distributors. New York-based Dot Blockchain Media links audio files and visual artwork together into a virtual album that can be transferred to a new owner along with proof of ownership.
“Non-fungible tokens will become the underpinnings for provenance of several real-world assets,” says NonFungible.com president Daniel Kelly. “For example, artwork copyright, the deed to your home, the certificate of authenticity for your wedding rings, or your university diploma, would all be prime candidates of non-fungible tokenization.”
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