Snowcrash, a Solana-based NFT marketplace, has announced that Sony Music and Universal Music Group, the world’s two largest music companies, have joined forces with the future platform.
Snowcrash, a Solana-based NFT marketplace, will distribute Bob Dylan and Miles Davis NFT sets later this year.
Later this year, the two music companies will release NFT collections by Bob Dylan and Miles Davis, paving the way for deeper integration with their respective portfolios of artists.
Jesse Dylan, Bob Dylan’s son, is a co-founder of the Snowcrash marketplace, which takes its name from Neal Stephenson’s 1992 science fiction novel, which also coined the word Metaverse.
Both firms have made significant investments in Bob Dylan: UMG spent over $400 million on his song repertoire in 2020, while Sony 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 simply “the tip of the iceberg,” and that he chose the Solana blockchain to launch the platform over the Ethereum network because he believes it is better for the environment.
Snowcrash will compete with current Solana-based NFT marketplaces like MagicEden and Solanart, which are the two most active exchanges on the chain in terms of trade volume.
Sony Music is collaborating with Snowcrash to “create a range of opportunities for our recording artists with a focus on creating accessible, user-friendly experiences for both producers and fans,” according to Dennis Kooker, Sony’s VP of digital operations.”
[NFTs] enable our artists and labels to extend their cultural influence at the vanguard of innovation,” stated Michael Nash, executive vice president of Universal Music, echoing similar idea.
Snowcrash is also a key partner of Solana Labs and has a joint venture with cryptocurrency exchange FTX.
Popular musicians such as Nas, Steve Aoki, and Kings of Leon have all made millions of dollars from NFT sales, indicating that the music business as a whole is interested in NFTs as a method to monetize material and establish unique communities.
Warner Music Group has partnered with play-to-earn game Splinterlands, so Sony and Universal aren’t the first major music labels to push into the Web3 market.
Building unique tokenized games enables WMG to “open new revenue sources for our artists who have an interest in the space while elevating the importance of fandom and community,” according to Oana Ruxandra, chief digital officer and executive vice president of business development.