Sony and Universal Music Group (UMG) become the latest music industry giants to take a delve into the Web3 ecosystem, as the pair are teaming up with Solana-based NFT marketplace ‘Snowcrash’. The pair of titans follow in the footsteps of Warner Music Group (WMG), who recently inked a deal with blockchain gaming company Splinterlands in an effort to infuse music with play-to-earn gaming.
Dennis Kooker, president of global digital business at Sony, described the intention of the partnership as: “To develop a range of opportunities for our recording artists with a focus on delivering accessible, user-friendly experiences for both creators and fans”.
Michael Nash, UMG’s executive Vice President of digital strategy, echoed such belief of Kooker, as he reiterated that the Snowcrash platform will provide artists with ample new avenues of opportunity. As of now, the most notable event in the Snowcrash calendar is the planned launch of NFTs dedicated to Bob Dylan and Miles Davis, which are set to hit virtual-shelves later this year.
Along with powerhouse companies such as Sony, UMG and WMG inking music-infused deals with Web3 firms, the NFT landscape is also hosting multiple initiatives from individual artists such as Snoop Dogg, Dolly Parton, Steve Aoki, and many more, who are leveraging NFTs in order to expand the reach and monetisation of their musical works.
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