Later this year, Snowcrash, a Solana-based NFT marketplace, will release NFT sets by Bob Dylan and Miles Davis.
Snowcrash is a Solana-based NFT marketplace. It has announced that Sony Music and Universal Music Group, the world’s two largest music companies, have joined forces with the future platform.
Later this year, the two music labels will release NFT collections by Bob Dylan and Miles Davis. This is ahead of greater integration with their rosters of artists.
Jesse Dylan is one of the Snowcrash marketplace’s co-founders. He’s Bob Dylan’s son, by the way. Snowcrash is based on Neal Stephenson’s 1992 science fiction novel, which also coined the term “metaverse.”
Label Investments
Both labels have made significant investments in Bob Dylan. In 2020, UMG spent roughly $400 million on his music repertoire. Sony, on the other hand, paid more than $150 million for his recorded music rights last year.
Dylan the younger stated in a statement that the existing market for NFTs is only “the tip of the iceberg.” He chose the Solana blockchain to establish the platform over the Ethereum network because he believes it is environmentally friendly.
Snowcrash will compete with other NFT marketplaces based in Solana, such as MagicEden and Solanart. The two exchanges are the most active on the chain in terms of trading volume.
Sony’s president of digital business is Dennis Kooker. Sony Music is collaborating with Snowcrash to “create a range of prospects for our recording artists,” according to him. They put a premium on providing creators and fans with easy-to-use experiences.
Michael Nash is Universal Music’s executive vice president. He agreed, saying that NFTs allow their artists and labels to increase their cultural influence by putting them at the forefront of innovation.
Joint Venture on FTX Exchange
Snowcrash is also a prominent Solana Labs partner and has a joint venture with FTX, a cryptocurrency exchange.
NFTs have piqued the interest of the music industry in general as a way to monetize material and build unique communities. Popular musicians such as Nas, Steve Aoki, and Kings of Leon have all made millions of dollars off NFT sales, making it possible.
Sony and Universal aren’t the first major record labels to experiment with Web3 technology. Splinterlands, a play-to-earn game, has teamed with Warner Music Group.
WMG’s chief digital officer and executive vice president of business development is Oana Ruxandra. WMG was able to unlock new revenue sources for our artists by creating custom tokenized games, she said. Artists that are interested in space yet want to emphasize the importance of fandom and community.
