By Shelly Melancon (Switzerland)
It’s no news that NFTs are disrupting the entertainment industry, and the latest update is proof that entertainment is gradually going digital. Music recording heavyweights Sony and Universal have teamed up with Snowcrash to launch Bob Dylan and Miles Davis NFTs.
Snowcrash is a marketplace on the Solana network, while Sony and Universal Music Group are the two biggest record labels on Earth. While joining forces with Snowcrash introduces the two music heavyweight labels into the NFT sector, entering into a partnership with SMG and UMG benefits Snowcrash, as the platform seeks global recognition.
NFT Collection Is Due for Release Later This 2022
According to the announcement made by Snowcrash, the NFT release will happen later this year. While the platform and its partners didn’t specify the exact date, fans of Bob Dylan and the late Jazz musician Miles Davis can’t wait to get their hands on the digital collectibles.
Miles Davis, who died in September 1991 at 65, was a legendary American composer, Jazz musician, a skilled trumpeter, producer, and an eight-time Grammy winner whose active career spanned more than three decades. Like Davis, Bob Dylan is also an incredible Jazz musician, known for his prophetic singing style. Dylan is a Grammy Award winner and also a Nobel winner.
The collection will be released ahead of future integrations with other music acts. Interestingly, Dylan’s son Jesse is one of the founders of the NFT platform. The marketplace drew its name from the famous popular dystopian sci-fi book “Snow Crash,” which also introduced the word “Metaverse.”
Both Sony and UMG have put a lot of money in Dylan. The latter spent close to $400M on his music catalog two years ago, while the former bought ownership rights over his skmgse for $150M in 2021.
Speaking of the joint venture, Sony said that collaborating with Snowcrash will open more opportunities for its music acts to deliver a smooth experience for artists and ardent fans. UMG also shared the same sentiments, adding that NFTs would propel artists’ cultural influence to the pinnacle of technological innovation.
Dylan Junior Speaks About the Prospects of Snowcrash
Dylan Junior shed light on the nature of the NFT market, adding that what the world is experiencing is the tip of the iceberg. When questioned about his decision to launch on Solana, he said the network provides a better ecosystem.
Snowcrash joins MagicEden as the platforms running on Solana. However, the latter lead based on trading. Though new, Snowcrash has established itself as a prospective marketplace by collaborating with FTX and Solana Labs.
This isn’t the first time a music label is venturing into the NFT niche. Warner Music Group had previously teamed up with Splinterlands to create new revenue avenues for artists intending to go virtual.
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