{"id":411666,"date":"2022-03-03T08:31:19","date_gmt":"2022-03-03T05:31:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bob-dylan-goes-meta-as-sony-and-universal-partner-with-snowcrash-nft-platform\/"},"modified":"2022-03-03T08:31:19","modified_gmt":"2022-03-03T05:31:19","slug":"bob-dylan-goes-meta-as-sony-and-universal-partner-with-snowcrash-nft-platform","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bob-dylan-goes-meta-as-sony-and-universal-partner-with-snowcrash-nft-platform\/","title":{"rendered":"# Bob Dylan goes meta as Sony and Universal partner with Snowcrash NFT platform"},"content":{"rendered":"

“# Bob Dylan goes meta as Sony and Universal partner with Snowcrash NFT platform <\/strong>”
\n<\/p>\n

Solana-based nonfungible token (NFT) marketplace Snowcrash has announced that Sony Music and Universal Music Group \u2014 the two largest music labels in the world \u2014 have officially partnered with the upcoming platform. <\/p>\n

The two music labels will release Bob Dylan and Miles Davis NFT collections later this year ahead of wider integration with their rosters of artists. Jesse Dylan, who, probably not coincidentally, is Bob Dylan\u2019s son, is the co-founder of the Snowcrash marketplace, which draws its namesake from Neal Stephenson\u2019s 1992 sci-fi novel that also invented the term Metaverse.<\/p>\n

Bob Dylan is a major investment by both labels: UMG spent around $400 million on his song catalog in 2020 while Sony bought his recorded music rights for more than $150 million last year. <\/p>\n

In a statement, Dylan, the younger, stipulated<\/a> that the current market for NFTs is just \u201cthe tip of the iceberg.\u201d He opted for the Solana blockchain over the Ethereum network to launch the platform because he believes it is better for the environment. <\/p>\n

Snowcrash will compete with existing Solana-based NFT marketplaces such as MagicEden and Solanart, the two leading exchanges by trading volume on the chain. <\/p>\n

Dennis Kooker, Sony\u2019s president of digital business said that Sony Music is working with Snowcrash to \u201cdevelop a range of opportunities for our recording artists with a focus on delivering accessible, user-friendly experiences for both creators and fans.\u201d<\/p>\n

Echoing this sentiment, Michael Nash, the executive vice president of Universal Music, said that \u201c[NFTs] enable our artists and labels to advance their cultural influence at the forefront of innovation.\u201d<\/p>\n

Snowcrash also has a joint venture with cryptocurrency exchange FTX and is a strategic partner of Solana Labs.<\/p>\n

The music industry has more broadly taken a keen interest in NFTs as a way to further monetize content and create unique communities. Popular artists such as Nas, Steve Aoki and\u00a0Kings of Leon\u00a0have each netted millions of dollars from NFT sales. <\/p>\n

Related: <\/strong>Record label CEO explains how music NFTs are set to revolutionize the industry<\/strong><\/p>\n

Sony and Universal aren\u2019t the first major music labels to venture into the Web3 space, with Warner Music Group partnering with play-to-earn game<\/a> Splinterlands. <\/p>\n

Oana Ruxandra, chief digital officer and executive vice president of business development at WMG said that building custom tokenized games allowed WMG to \u201cunlock new revenue streams for our artists who have an interest in the space while elevating the role of fandom and community.\u201d<\/p>\n