Entertainment conglomerate Warner Music Group plans to launch its own token on the new blockchain developed by CryptoKitties' creator, Forbes reported yesterday.
Warner Music has reportedly participated in a $11.2M investment round in Dapper Labs, the company behind popular blockchain game CryptoKitties, with the aim to take part in the launch of Flow, the firm's new blockchain.
This investment will grant Warner Music the right to develop its own token on this new blockchain.
Warner Music has apparently invested less than $1M through convertible securities, while the remaining $10.2M have been provided by Andreessen Horowitz, Digital Currency Group, Union Square Ventures and Venrock, among others.
According to Jeff Bronikowski, senior vice president of business development at Warner Music, CryptoKitties technology, which is similar to bitcoin's, could be adapted to create unique and tradable merchandise.
The CryptoKitties game became so popular in December 2017 that the amount of transactions related to the game collapsed the ethereum's network.
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