Celebrities, banks and music labels once embraced non-fungible tokens (NFT), although an extended crypto winter has put a chill on efforts to create more of them. But that’s when Warner Music Group (WMG) decided to dive in.

For the entertainment company’s Chief Digital Officer Oana Ruxandra, digital collectibles are key to moving artists forward. Still, brands shouldn’t create Web3 activations just for bragging rights, Ruxandra said at CoinDesk’s Consensus 2023 event here.

WMG expanded the scope of entertainment when it entered Web3 with major partnerships including metaverse platform The Sandbox and blockchain gaming platform Splinterlands.

It invested in gaming platform Roblox in 2021 and hosted the first-of-its-kind virtual Super Bowl experience in Roblox featuring American rapper Saweetie in February. The event garnered 7.5 millions views and a 91% "like" ratio, a video that played during the panel showed. Digital merchandise was sold at the event also, Ruxandra said.

(by Rosie Perper)