The music industry has had a busy first quarter, with interest in NFTs and the Metaverse growing. Due to a surge in NFT marketplace transaction volumes at the start of the year, several well-known figures in the music business have turned to NFTs and purchased LAND in the Sandbox (SAND).
Sony and Universal’s NFT
On Wednesday, Snowcrash, a blockchain-focused start-up launched by Solana (SOL), announced the participation of two major music companies in its start-up NFT marketplace.
Sony Music and Universal Music Group are said to be part of the platform (UMG). The news comes ahead of Miles Davis and Bob Dylan’s next NFT albums.
According to the story, Sony Music wants to increase opportunities for signed music artists, and UMG agrees. Both see NFTs as a new opportunity for artists to interact with NFT manufacturers and music fans.
According to estimates, Sony Song and Universal Music Group spent $550 million for the music rights of Bob Dylan alone. According to the story, UMG paid over $400 million for his recorded music rights in 2020, with Sony paying $150 million in 2021.
Snowcrash and Bob Dylan are inextricably linked. Jesse Dylan, Bob Dylan’s son, is a Snowcrash co-founder. The Metaverse and Snowcrash are also inextricably linked. Snow Crash is the title of a 1992 science fiction novel that popularized the concept of the Metaverse.
Universal Music Group and Sony Music Entertainment have joined the ranks of other music behemoths in the virtual realm.
Sony Music and Universal Music Group have joined a growing number of industry heavyweights and artists in becoming virtual.
Warner Music Group (WMG), a large music company, purchased LAND in the Sandbox earlier last year (SAND). WMG purchased a beachfront tract of property in the Metaverse with plans to build a musical theme park and performance facility.
The music industry seems to be in a “now or never” position. Some argue that the music industry’s behemoths have been reticent to embrace NFTs and the Metaverse.
Bang Bang Con The Live, a virtual concert organized by K-Pop superstar BTS in 2020, is said to have attracted 756,000 people from all around the globe. According to ELLE, the event allegedly took around $20 million. The MAP OF THE SOUL ON: E live broadcast sold an additional 993,000 tickets in 191 countries. The live broadcast produced $43 million in revenue, according to Bandwagon.
