The market for non-fungible tokens (NFT) Solana-based Snowcrash has announced that Sony Music and Universal Music Group – the world’s two largest record labels – have officially partnered with the future platform..
The two music labels will release Bob Dylan and Miles Davis NFT collections later this year, ahead of further integration with their artist rosters.. Jesse Dylan, who, probably not coincidentally, is the son of Bob Dylan, is the co-founder of the Snowcrash marketplace, which takes its name from Neal Stephenson’s 1992 sci-fi novel that also coined the term Metaverse.
Bob Dylan is a major investment for both labels: UMG spent some $400 million on its song catalog in 2020while Sony bought his recorded music rights for more than $150 million last year.
In a statement, Dylan the Younger stipulated that the current NFT market is just “the tip of the iceberg.” He opted for the Solana blockchain instead of the Ethereum network to launch the platform because he believes it is better for the environment.
Snowcrash will compete with existing Solana-based NFT marketplaces such as MagicEden and Solanartthe top two exchanges by on-chain trading volume.
Dennis Kooker, president of Sony’s digital business, has stated that Sony Music is working with Snowcrash to “develop a series of opportunities for our recording artists, focusing on offering accessible and easy-to-use experiences for creators and fans alike.”.
Echoing this sentiment, Michael Nash, executive vice president of Universal Music, said that “[los NFT] allow our artists and record labels to advance their cultural influence at the forefront of innovation”.
Snowcrash also has a joint venture with crypto exchange FTX and is a strategic partner with Solana Labs..
In general, the music industry has been interested in NFTs as a way to further monetize content and create unique communities.. Popular artists like Nas, Steve Aoki, and Kings of Leon have made millions of dollars from their NFT sales.
Sony and Universal are not the first major music labels to venture into the Web3 space, as Warner Music Group partnered with the “play-to-earn” game Splinterlands.
Oana Ruxandra, chief digital officer and executive vice president of business development at WMG, said that creating custom games with tokens allowed WMG to “unlock new revenue streams for our artists interested in the space, while also elevating the role of fandom and community”.
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