The music industry is rapidly exploring the NFT realm. And the new Solana-based NFT startup Snowcrash has shaken the community, announcing that the two world's largest music labels, Sony Music and Universal Music Group, are partnering with it.
Snowcrash is only preparing to enter the crypto space and this will definitely be a tsunami, as the platform is going big from the very start. Thus, Sony and Universal team up with the Snowcrash NFT marketplace for the never-before-seen drops featuring Bob Dylan and Miles Davis.
Interestingly, Bob Dylan's music catalog has recently become a hefty investment for both companies. Thus, Sony Music spent around $150 million last year, and Universal gave over $400 million for the musician's set of tracks.
Another captivating thing is that the Snowcrach NFT marketplace-to-come is co-owned by no one else but Bob Dylan's son Jesse Dylan. By the way, the platform's name has been not invented by chance but comes from Neal Stephenson’s 1992 sci-fi novel that also invented the term Metaverse.
Among the reasons behind Sony Music and Snowcrash partnership, Sony's president of digital business named the following: “to develop a range of opportunities for our recording artists with a focus on delivering accessible, user-friendly experiences for both creators and fans.”
Supporting this statement, Michael Nash, the executive vice president of Universal Music, echoed: “[NFTs] enable our artists and labels to advance their cultural influence at the forefront of innovation.”
Snowcrash also has a joint venture with cryptocurrency exchange FTX and is a strategic partner of Solana Labs.
The exact dates and details of Bob Dylan and Miles Davis' NFT collections are still kept unveiled. Follow our news for the latest updates, as the music icon's son promises them to drop later this year.
