Sony and Universal Go NFT with Bob Dylan and Miles Davis
Key Insights:
- Sony Music and Universal Music Group join a growing list of music industry titans entering the NFT space.
- Fan engagement is the name of the game.
- Music legends including David Bowie, Bob Dylan, and Miles Davis are among big names going digital this year.
It has been a busy first quarter for the music industry, with interest in NFTs and the Metaverse continuing to grow. Driven by a surge in NFT marketplace trading volumes at the start of the year, a number of major names in the music business have taken to NFTs and purchased LAND in the Sandbox (SAND).
Sony and Universal Go NFT
On Wednesday, Solana (SOL) blockchain-focused Snowcrash announced the involvement of two major music companies in the start-up NFT marketplace.
. @sonymusic and @UMG team on @SnowcrashLabs NFT trading platform with @bobdylan & @milesdavis collectibles set to launch https://t.co/NrArDuQheP #NFTCollection #NFT pic.twitter.com/p4tdXuTXhv
— Music Week (@MusicWeek) March 2, 2022
Sony Music and Universal Music Group (UMG) will reportedly become part of the platform. The news comes ahead of planned Miles Davis and Bob Dylan NFT drops.
According to the report, Sony Music aims to develop opportunities for signed recording artists, with UMG taking a similar view. Both see NFTs as an opportunity for music artists to have better engagement with NFT creators and music fans.
Sony Music and Universal Music Group have reportedly spent a whopping $550m buying Bob Dylan’s music rights alone. According to the report, UMG spent close to $400m in 2020, with Sony buying his recorded music rights for $150m in 2021.
The link between Snowcrash and Bob Dylan is significant. Bob Dylan’s son Jesse Dylan is a co-founder of Snowcrash. Snowcrash and the Metaverse are also closely linked. Snow Crash is the name of a 1992 Sci-fi novel that introduced the concept of the Metaverse.
Universal Music Group and Sony Music Join Other Music Titans in Virtuality
Sony Music and UMG join a growing list of industry giants and artists going virtual.
Earlier this year, Music industry powerhouse Warner Music Group (WMG) purchased LAND in the Sandbox (SAND). WMG purchased a beachfront property in the Metaverse to build a musical theme park and concert venue.
For the music industry, it appears to be a case of “it’s now or never.” Some may even argue that the giants of the music industry have been slow to embrace NFTs and the Metaverse.
In 2020, K-Pop phenomenon BTS held a virtual concert, Bang Bang Con The Live, which reportedly drew 756,000 global viewers. According to ELLE, the event raked in $20m. The MAP OF THE SOUL ON:E live stream sold an even more impressive 993,000 tickets across 191 countries. According to Bandwagon, the live stream brought in an estimated $43m in sales.
With the music legends David Bowie, Kurt Cobain, John Lennon, and the Beatles, and the likes of Dolly Parton and John Legend embracing NFTs and the Metaverse, activity across NFT marketplaces and the Metaverse are only going to accelerate.
Alongside Snowcrash, other major NFT marketplaces linked to the music industry include Rarible (RARI), OpenSea, LooksRare (LOOKS), Solanart, Solsea, and Starly (Starly).
