Warner Music Group Partners With Leading Web3 Protocol Poap Inc. To Mint Shared Memories As NFTs
2022.04.16 07:41
Warner Music Group Partners With Leading Web3 Protocol Poap Inc. To Mint Shared Memories As NFTs
Warner Music Group (WMG) has entered into the first-ever partnership with leading Web3 protocol POAP Inc. Short for “Proof of Attendance Protocol,” POAPs are digital mementos minted as NFTs in celebration of life’s remarkable moments. Atlantic Records rapper Kevin Gates is slated to incorporate POAPs into his Khaza Tour, making one available to fans who attend his upcoming sold-out show at Red Rocks Amphitheatre on April 16th.
“Anytime we can give our extended family something new, special, organic, and sentimental, I’m wit it,” said Gates. “This will be our first time performing at the Red Rocks Amphitheatre. Nervous, excited, but ready. It’s been a long time coming. Can’t wait for everyone to grab their POAPs so we can commemorate and remember this forever. It’s going to be a special night and we can’t wait to see everyone there! In Closing: I remain The Same. Forever: #TheBeloved.”
“The bridges that POAPs forge between our digital identities and our physical lives provide a tangible layer to our experiences and memories,” said Oana Ruxandra, Chief Digital Officer & EVP, Business Development, WMG. “Music has always been highly contextual: who we are and what we are doing all affect how we perceive a record. POAPs provide artists and fans new ways to hold on to moments shared forever. We’re really looking forward to collaborating with the POAP team as we continue to explore and innovate.”
“POAPs are a game-changer for artists who want to connect directly with their fans,” said Isabel Gonzalez, POAP COO. “Dropping a POAP offers artists a fun way to celebrate a show that’s much more permanent than a ticket stub. It’s much harder to lose mementos when they’re minted to a blockchain – and once artists are ready to dive deep into the potential of Web3 technologies, POAPs let their fans share that journey. We’re incredibly excited to support WMG and their partners in thinking about the relationship between creators and their fans in a new way.”
“From Oliver Tree’s Cowboy Tears album launch event to Kevin Gates’ headline show at Red Rocks, POAPs allow us to commemorate these special moments and give loyal fans a way to relive their experiences while being rewarded for being supporters of their favorite artists,” said Joe Khoury, VP of A&R and Marketing, Atlantic Records. “The team is incredibly excited to work with POAP to continue building unique ways for our artists to be more closely connected with their communities.”
By minting memories to the blockchain, collectors receive authenticated digital proof they attended an event or were part of a specific experience, while connecting them to an entire online community of like-minded people. Owning a POAP can also grant collectors access to future rewards from the issuer, such as airdrops, raffles, private chat rooms, exclusive content, and more. Atlantic Records’ rising star Oliver Tree was the first WMG artist to tap into the technology, offering a POAP to fans who joined a pop-up event celebrating the launch of his latest album, Cowboy Tears.
To date, over 4.5M POAPs have been issued to over half a million collectors, with the company partnering with the likes of adidas, Budweiser, Coach, TIME Magazine, Lollapalooza, FOX, the US Open, and more on one-time drops.
Launched in 2018 and incorporated in 2021, POAP Inc. raised a $10 million Seed round led by Archetype and Sapphire Sport in January, with participation from Sound Ventures, The Cherning Group, and Advancit Capital, as well crypto native funds including Collab Currency, 1KX, Libertus Capital, Red Beard Ventures, 6th Man Ventures, Delphi Digital, and A Capital.
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