Snowcrash announced the debut of its NFT trading platform. They also announced the collaboration with Sony Music Entertainment and Universal Music. Those two companies are the biggest music companies in the world.
NFTs are one-of-a-kind tokens that can only be found in blockchains such as Ethereum or Solana. NFTs have piqued the interest of the music business as a means of monetizing artists and material, with singers such as Dolly Parton, Steve Aoki, Kings of Leon, and 3lau creating NFT-focused companies.
Bob Dylan is not the founder of the company, according to speculations, but two persons close to the 80-year-old are. His son, movie, and music video director Jesse Dylan, and Bob Dylan Music Company President Jeff Rosen are among them. Walter de Brouwer, the team’s crypto expert and an adjunct professor at Stanford, is the other co-founder.
Good opportunity for world’s entertainers
According to Brouwer, the Snowcrash is an ordinary opportunity for the entertainment business. Snowcrash provides opportunities for artists and organizations that have an impact on today’s society.
Snowcrash collaborates with intellectual property owners, companies, and artists to develop collections that include initial releases, limited editions, streaming rights, and digital items. It promises to give consumers, sellers, and creators an efficient and environmentally responsible experience.
Later this year, Snowcrash will release NFTs for Bob Dylan and Miles Davis, as well as Varvara, a rising musician. It will not, however, just work with current properties. It intends to develop new virtual reality experiences.
Both companies have put a lot of money into Bob Dylan: UMG spent over $400 million on his song catalog in 2020, while Sony paid more than $150 million for his recorded music rights last year.
Snowcrash has a competition with current Solana-based NFT marketplaces. Some of them areMagicEden and Solanart. The two of them are some of the most active in terms of trading volume on the chain.
Snowcrash is also a prominent Solana Labs partner and has a joint venture with FTX, a cryptocurrency exchange.
Snowcrash’s partnership with UNICEF
Back in 2021, Snowcrash collaborated with UNICEF. The plan was to create a 1,000-piece NFT collection to commemorate UNICEF’s 75th anniversary. The Ethereum blockchain was used to create such NFTs.
When it comes to Ethereum, there has been a lot of backlash from the environmental community. The Solana blockchain is Snowcrash’s preferred platform since it is more environmentally friendly.
Universal Music Group announced the launch of KINGSHIP, a music group based on characters from the Bored Ape Yacht Club NFT. It’s only recently collaborated with Billboard.
Last year, Sony Music invested in MakersPlace, a blockchain marketplace. Warner has been the most active in NFTs among the major labels in the music industry. On the other hand, Independent labels like Snoop Dogg’s Death Row Records are making a significant mark.
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