Sony Music and Universal Music Partner with Snowcrash NFT Platform

Snowcrash, the Solana-based non-fungible token (NFT) marketplace, announced that Sony Music Entertainment and Universal Music Group — two of the largest music companies in the world — have officially partnered with the soon-to-be The coming platform reaches a cooperation.

The two labels will release an NFT collection of Bob Dylan and Miles Davis later this year before a broader integration with their artist roster. It's probably no coincidence that Bob Dylan's son, Jesse Dylan, is the co-founder of the Snowcrash marketplace. The marketplace is named after Neal Stephenson's 1992 science fiction novel, which also invented the term "metaverse."

Bob Dylan is a major investment in both labels: UMG spent about $400 million on his catalog in 2020, while Sony Music paid more than $150 million for his music rights last year.

Jesse Dylan said in a statement that the current NFT market is just the "tip of the iceberg." He chose 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 Solanart, the two exchanges that lead by volume on Solana.

Dennis Kooker, president of Sony's digital business, said Sony Music is working with Snowcrash to "develop a range of opportunities for our recording artists, focused on providing creators and fans with a convenient, user-friendly experience."

Michael Nash, executive vice president of Universal Music, echoed this view, saying: "(NFT) enables our artists and labels to enhance their cultural influence at the forefront of innovation."

Snowcrash also has a joint venture with cryptocurrency exchange FTX and is also a strategic partner of Solana Labs.

The music industry more broadly has taken a keen interest in NFTs as a way to further monetize content and create unique communities. Popular artists like Nas, Steve Aoki, and Kings of Leon have all made millions from NFT sales.

Sony Music and Universal Music aren't the first major labels to venture into the Web3 space, with Warner Music Group partnering with play-and-earn game Splinterlands.

Oana Ruxandra, WMG's chief digital officer and executive vice president of business development, said that building custom tokenized games allows WMG to "open up new revenue streams for artists interested in the space, while increasing the role that fans and the community play."

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