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Saturday, September 24, 2022

Snowcrash Sees Universal And Sony Collaboration

Snowcrash, one of the NFT marketplaces of Solana, recently declared that Universal Music Group and Sony Music had partnered with the platform. The two largest music labels in the world have planned on releasing the Miles Davis and Bob Dylan NFT collections this year while preparing for a far wider integration with their rosters of artists. Interestingly, the co-founder of the marketplace is Jesse Dylan, the son of Bob Dylan. The marketplace also draws its name from the novel by Neal Stephenson written in 1992. 

Snowcrash Will Soon Have NFT Collections of Bob Dylan

According to the latest information, Bob Dylan has been seen as a major investment by both of the labels. Universal reportedly spent close to $400 million on his songs in 2020 while Sony went ahead and bought his record music rights for around $150 million. In one of the statements put out by the co-founder of Snowcrash, Dylan Jr. has mentioned that the current position of the NFT market is simply the tip of the iceberg. He also opted for the blockchain of Solana over the Ethereum network to launch the platform due to its sustainability procedures. 

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As it can be understood, Snowcrash will be competing with the two existing Solana-based marketplaces of NFT such as Solanart and MagicEden. The President of Digital Business for Sony, Dennis Kooker, recently spoke about how the company was working with this marketplace in order to develop a host of opportunities for their recording artists. Also, the focus would be put entirely on producing user-friendly experiences while delivering accessible content for both fans and creators. 

Snowcrash also has a major venture with the cryptocurrency exchange firm FTX and is also a major strategic partner of Solana Labs. As it can be understood, the music industry has already taken up quite an interest in NFTs as a way to increase content while creating unique communities.

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