NFTs may revolutionize the future of the music industry – here’s how

NFTs may revolutionize the future of the music industry – here’s how

The NFT market has been a growing market with many companies introducing brands to enter the NFT space. The latest commercial giant to file a trademark application is Sony Music Entertainment.

Brand application was Foot With the US Patent and Trademark Office on August 30. Furthermore, the app mentions a range of products that it intends to certify with NFTs under the Columbia Records banner.

Albums, videos and more

The app covers a wide range of aspects, such as promoting music, advertising for artists, and audio/video recordings. It also includes artwork related to live music performances that have been documented by the NFTs.

This may be the first NFT project directly related to Sony Music, but the music giant has had other similar projects as well. In August 2021, Sony Music backed the NFT MakersPlace market and raised $30 million from investors such as Pantera Capital and Coinbase.

In March 2022, Sony Music partnered with the NFT marketplace Snowcrash and fellow Universal Music Group. The result of this partnership was Release From the NFT group that includes Bob Dylan and Miles Davis.

Web3 and the music industry

Earlier this year, Universal Music Group dropped a subtle hint about its Web3 ambitions when it bought Bored Ape #5537 for $360,817.

was the monkey acquired To lead a digital band called Kingship which was founded by Universal’s 10:22 PM label. The label added that the digital band will produce music and perform virtual shows in the metaverse.

Moreover, famous hip hop artists and BAYC bearers performed Eminem and Snoop Dogg at the MTV Video Music Awards in August 2022. Interestingly enough, this performance featured the artists who performed NFT for their metaverse egos.

The event featured other virtual shows as well. The fact that MTV introduced a whole new category of awards, the best metaverse performance, shows the impact of Web3 on the music industry.

Earlier this week, Web3 Music Market Yellowheart announce The first NFT music streaming player. Yellowheart also released their first NFT album in collaboration with Kings of Leon. Music Market has also worked with popular artists including ZHU and Maroon 5.

Reviving art through NFTs

Another use case is that the industry has come up with grants for classical artists. Living Opera is a Web3 group that leverages the power of the blockchain to provide revenue and short-term liquidity to artists by issuing NFTs related to this genre.

As interest in opera declines, Living Opera’s chief operating officer, Christos Makrides, hopes to draw attention to art with NFTs. All this while connecting philanthropists with artists.

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