The NFT marketplace Snowcrash, which is a Solana-based NFT marketplace, has recently announced that the Universal Music Group and Sony Music (both the largest music label group in the world) have officially formed a partnership with the NFT platform.
These two music labels will reveal the NFT collections of Miles Davis and Bob Dylan in the later period of this year before the mass integration of their rosters of artists. The co-founder of Snowcrash NFT marketplace is Jesse Dylan, the son of Bob Dylan, and the name Snowcrash has been derived from the namesake of Neal Stephenson’s 1992 science fiction novel, which is also responsible for inventing the term Metaverse.
Both labels have invested a major amount in Bob Dylan. Last year Sony bought the music rights of Bob Dylan for more than US 150 million dollars, while the Universal Music Group has paid close to US 400 million dollars for his song catalog in the year 2020.
According to Jesse, the current NFT market is just the tip of the iceberg, and his reason to opt for Solana instead of Ethereum to launch the new NFT marketplace is because he believes that Solana is more environment friendly than Ethereum.
This brand new marketplace will compete with the existing NFT marketplaces in the platform, such as Solanaart, MagicEden, etc. These two are the leading exchange platforms in the Solana ecosystem in terms of trading volumes.
Sony’s president of digital business, Dennis Kooker, said that the company is working with this new NFT marketplace in order to develop multiple opportunities for their recording artists and also concentrate on developing user-friendly and accessible platforms for both the creators and fans. Echoing the same statement, the executive vice president of the Universal Music Group, Michael Nash, has stated that the NFTs have enabled the artists to put forward their cultural influence encompassing the technology. Snowcrash is also the strategic partner of Solana Labs and has a joint venture with cryptocurrency exchange platform FTX.
After the invention of NFTs, multiple art industries, especially the music industry, have taken a specific interest in NFTs as a method to create unique communities and further monetize the art forms and contents. Celebrated music artists such as King of Leon, Nas, Steve Aoki and likewise have earned millions of dollars from the sales of NFTs.
Nevertheless, Sony and Universal Group are not the only people that have ventured into the Web3 space because just a few days ago, the Warner Music Group had partnered with Splinterlands, that have a play-to-earn game with the same name.
